Bitcoin Miner Marathon Digital Is Surging Thursday: What's Going On?

Marathon Digital Holdings Inc MARA shares are trading higher Thursday on the heels of the company's quarterly results. The Bitcoin BTC/USD miner also appears to be getting a lift from a rise in the price of Bitcoin. 

What To Know: Marathon Digital reported third-quarter revenue of $97.8 million, which missed the consensus estimate of $99.702 million, according to Benzinga Pro. Revenues were up from $12.7 million year-over-year, driven by a 467% increase in Bitcoin production and 32% higher Bitcoin prices. 

The Bitcoin miner reported quarterly earnings of 35 cents per share, which was significantly improved from a loss of 62 cents per share in the prior year's quarter. 

Marathon Digital produced 37.9 Bitcoin per day in the third quarter. The company sold 66% of the Bitcoin it produced in the quarter to fund operating costs.

"We grew our energized hash rate 8% quarter-over-quarter to 19.1 exahashes. In addition, our new facility in Garden City started energizing last week and is expected to be fully operational later this month," said Fred Thiel, chairman and CEO of Marathon Digital.

"Looking ahead, we should reach 26 exahash by year-end 2023, and we expect to grow our hash rate by approximately 30% in 2024."

Marathon Digital traded slightly higher following the report, but the stock gained momentum early Thursday as Bitcoin led the broader crypto market higher. Bitcoin was last up 6.23% over a 24-hour period at $37,613.

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MARA Price Action: Marathon Digital shares were up 15.7% at $9.90 at the time of publication, according to Benzinga Pro.

Photo:  Eivind Pedersen from Pixabay.