Bitcoin Miner Marathon Reports 76% Revenue Increase in Stellar Q3

Marathon, one of the biggest bitcoin mining companies, recently released its third-quarter financial report for the year.

The third quarter, which ended in September, saw the North-American company generate total revenue of $51.7 million, a 76% increase from the $29.3 million generated in the second quarter.

Founded in 2010, Marathon has mined a total of $73.9 million worth of digital assets (solely bitcoin) and holds approximately 7,536 bitcoins as of recent.

Commenting on the report, Marathon’s CFO, Sim Salzman, stated that the increase in the company’s hash rate from its former to 2.7EH per second was one of the pushes that aided its massive profits this quarter.

The hash rate push was also due to an increase in the number of total miners deployed. The company noted that it had increased it to 25,272 miners.

He further added that the price of bitcoin increasing from $34,856 on June 30, 2021, to $43,718 on September 30, 2021, drove Marathon’s investment fund to appreciate, as the company incurred an increase in the fair market value of approximately $41.9 million.

“Given our track record and growth trajectory, we maintain our position that Marathon’s financial performance will continue to improve as we focus on efficiently increasing our hash rate,” Salzman concluded.

Additionally, the report stated that Marathon bought and mined a total of 1,252 bitcoins in the third quarter, bringing the total number of bitcoins it holds to 7536, per recent data. 4,813 of the bitcoins are said to be held in an investment fund-of-one while the remaining 2,723 were generated by the company’s operations.

In a bid to expand its mining operations, Marathon in May announced plans to install about 73,000 mining equipment in Texas. This was after the bitcoin miner purchased 4,812.66 bitcoins for $150 million earlier this year.

Other digital asset miners are also not left out when it comes to expanding their activities. For instance, a leading blockchain company, Blockstream, purchased $25 million worth of mining equipment in January, equipment that was to be allocated to some of its mining facilities in the US and Canada.