Marathon Digital Holdings, a US cryptocurrency mining company, posted a net income of $64.1 million in the third quarter of the year, which contrasts sharply with the $72.5 million loss incurred in the same period last year.
Meanwhile, the company's total revenue in the third quarter of 2023 stood at $97.8 million, compared to just $12.7 million in the same period last year.
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According to the company, this is due to the increase in Bitcoin mining as a result of the increase in installed capacity of approximately 5 times, as well as the 32% rise experienced by the cryptocurrency.
Marathon Digital sold 66% of the 3,490 BTC it mined during the third quarter in order to cover operating costs. As a result, the company made a gain of $31.7 million.