Thu, Aug 1, 8:51 PM (88 days ago)
Marathon Digital Holdings, Inc. reported a significant increase in revenue for Q2 2024, reaching $145.1 million, up from $81.8 million in Q2 2023, driven by higher bitcoin prices and hosting service revenues. However, the company faced increased costs, with total cost of revenues rising to $181.7 million from $92.5 million, primarily due to higher energy and hosting costs linked to expanded operations. Depreciation and amortization expenses also surged, reflecting recent acquisitions and increased mining equipment deployment. Despite these challenges, Marathon reported a net income of $137.5 million for H1 2024, boosted by a $340.8 million gain from the fair value adjustment of digital assets. The company continues to focus on expanding its operational scale and enhancing efficiency, with significant investments in new mining facilities and technology. Future liquidity is supported by substantial bitcoin holdings and cash reserves, although the company remains exposed to market volatility and regulatory uncertainties.