Marathon Digital mined $176 million in bitcoin as profit jumped 184% in Q1

Marathon Digital reported that it mined 2,811 bitcoin, roughly $176 million at current prices, during the first quarter of this year, according to an earnings statement.

With the price of bitcoin achieving an all-time high during the same period, Marathon Digital also boosted profits to $337.2 million, an 184% increase compared to the same period a year ago. Revenues climbed to $165.2 million, a 223% gain from the first quarter of 2023.

"With the expansion capacity we have gained from our recent acquisitions, with 45 additional exahash of capacity available to us between current orders and options, and with $1.6 billion of liquidity, we are now targeting 50 exahash of energized hash rate by the end of 2024," the company said in its statement.

Bitcoin BTC +1.30% hit an all-time high in early 2024. Image: The Block Price Page.

Marathon Digital said it "sold 26% of the bitcoin it produced during the quarter to fund operating costs." The company's $1.6 billion in capital reserves includes cash, cash equivalents and bitcoin," according to the statement.

On Thursday, bitcoin mining difficulty dropped 5.7%, the largest negative adjustment in nearly 18 months.

The company's shares were flat in after-hours trading at $19.65, according to Yahoo Finance.