Bitcoin mining company MARA Holdings reported record revenue and earnings in Q4 2024, surpassing analysts' expectations and the challenges presented by last year’s Bitcoin halving event.
Revenues increased by 37% to $214.4 millions, up from $156.8 in Q4 2023The average cost of a car has increased by 132%. Bitcoin As per the fourth quarter The following is a statement by the spokesperson.
Florida’s firm saw its net profit for the first quarter grow by 248%. It now totals $528.3million, as opposed to the $151.8million it earned in the previous year.
Although Bitcoin’s increase in price contributed $119.9 millions to this total, the company faced a drop of $64.2 due to a decrease in Bitcoin production.
It is important to note that the word “you” means “you”. Bitcoins halved The reward that miners get for solving the puzzle of proof-of work networks has been reduced by half, going from 6,250 BTC down to only 3,125 BTC.
MARA produced 2,492 BTC during Q4 2024. This is a 27% decrease from 3,490 BTC that was mined in the same period in 2023.
MARA, however, was still able to achieve a 25% increase in total blocks, with 703 in Q4 of 2024, as opposed to the 562 blocks it had in Q4 of 2023.
Market Beat reported that the earnings per share was $1.24. That’s a big improvement compared with analysts’ predictions of a $0.32 loss per shares. .
The EPS result marked a significant earnings surprise, with MARA's stock climbing by 7.41% to $13.38 in after-hours trading, Google Finance shows.
MARA's hashrate grew 115% to 53.2 EH/s in Q4 2024, up from 24.7 EH/s in Q4 2023, driven by strategic acquisitions and energy capacity expansion.
The energy hashrate measures the computing power required for mining. It is usually measured in exahashes/second (EH/s), which determines the speed of network processing and transaction security.
MARA’s costs for energy and hosting also increased sharply. They totaled $127.4 in the fourth quarter of 2024 as compared to $75.1 million in the previous four-quarter period.
Direct energy costs per Bitcoin at the company’s owned mines increased from $23,000 to $28,801 in 2013, reflecting the difficulties of scaling up operations and maintaining profitability.
MARA’s total Bitcoin holdings of $4,6 billion (44,893 BTC) were not sold in the fourth quarter.
Second-largest Corporate Holder Bitcoin takes proactive measures to distinguish itself from competitors.
“Our focus is not just on Bitcoin mining but on being the lowest-cost producer in an environment where efficiency and adaptability are paramount,” MARA President and CEO Fred Thiel penned a shareholder letter in which he outlined the company’s annual goals.
MARA is launching a new strategic initiative, but other miners struggle to keep up with the rising costs of energy and Bitcoin’s halves.
Bitdeer, a Singapore-based mining company, has recently performed well in spite of these challenges An important loss of $532,000,000 in the fourth-quarter. Bitdeer suffered a blow to its stock, which dropped by 20% in the wake of this announcement, despite their efforts to develop mining chips.
Sebastian Sinclair is the editor
