US crypto mining company Marathon Digital reported an increase in revenue and profitability in 2023.
Despite this positive news, the company's share price declined following the release of its fourth quarter earnings report.
The report, which was released yesterday, revealed the company had generated a record $387.5 million in revenue, up 229% from the previous year. This impressive performance was attributed to the successful activation of previously acquired mining rigs and overall improved operations.
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Marathon CEO Fred Thiel expressed satisfaction with the company's achievements, stating that 2023 was a "banner year."
The fourth quarter also saw a significant increase in revenue, with a 452% rebound to $156.8 million compared to the same period in 2022. This result exceeded analysts' expectations, who had estimated quarterly revenues at $148.8 million.