MARA Holdings Reports Third-Quarter Earnings

Bitcoin mining company MARA Holdings, formerly known as Marathon Digital, reported its third-quarter earnings results on Tuesday afternoon.

The largest publicly traded miner by market cap ($7.4 billion) reported quarterly losses of $0.34 per share, which aligns with the consensus estimate according to MarketWatch data. The company reported third-quarter sales of $131.6 million, missing estimates of $151.6 million. However, this represents an improvement from the second quarter when the company reported a net loss of $199.7 million.

As of Oct. 31, MARA holds 26,747 bitcoin on its balance sheet. The company mined 2,070 BTC and purchased 6,210 BTC, with 4,144 BTC acquired using proceeds from a $300 million offering of convertible senior notes at an average price of $59,500 per BTC.

Last week, MARA announced it mined 717 bitcoin in October, reflecting a 2% month-over-month increase, and its energized hash rate rose to 40.2 EH/s during the month. On Monday, the company revealed it had acquired two Ohio sites with a combined capacity of 222 megawatts for $270/kW.

Bitcoin mining difficulty reached an all-time high of more than 100 trillion on Nov. 5, serving as the latest warning sign for the industry post-April's bitcoin halving. Mining difficulty is a relative measure indicating how hard it is to mine a new block compared to its easiest potential.

MARA CEO Fred Thiel recently compared the current AI landscape to the early 2000s internet boom. Thiel suggested that successful bitcoin miners will increasingly integrate AI into their operations, leveraging low-cost energy and potentially becoming energy partners for AI data centers and hyperscalers long-term, according to previous reports from The Block.

MARA's stock has surged 42% over the past five sessions amid post-election optimism, closing Tuesday at $25.23 per share, marking a 10% increase year-to-date, as reported by Yahoo Finance.