MARA Bitcoin Miner Reports Record Quarterly Revenue, Surpassing Expectations

MARA Holdings, a Bitcoin mining firm, announced unprecedented revenue and earnings for Q4 2024, exceeding analysts’ predictions despite the challenges posed by last year’s Bitcoin halving.

The company reported a 37% revenue growth, totaling $214.4 million, up from $156.8 million in
Q4 2023
, largely due to a 132% increase in the average price of
Bitcoin
mined, according to its fourth-quarter
statement
.

The firm’s net income surged by 248%, amounting to $528.3 million, compared to $151.8 million during the same period last year.

While the increase in Bitcoin prices added $119.9 million to the total, the company faced a $64.2 million revenue decrease due to lower Bitcoin production, significantly affected by the April halving.

The
Bitcoin halving
reduced the reward for miners solving the proof-of-work computational puzzle from 6.250 BTC to 3.125 BTC per block.

Consequently, MARA mined 2,492 BTC in Q4 2024, a decrease of 27% from the 3,490 BTC mined in the same quarter of 2023.

Nonetheless, despite the production drop, MARA increased its total blocks won by 25%, achieving 703 blocks in Q4 2024 compared to 562 in Q4 2023.

Earnings per share (EPS) significantly surpassed expectations at $1.24, a notable rise compared to analysts’ forecast of a loss of $0.32 per share, as per Market Beat
data
.

This EPS figure marked a significant earnings surprise, leading to a 7.41% rise in MARA’s stock price to $13.38 in after-hours trading, according to Google Finance
data
.

MARA’s hashrate experienced a growth of 115%, reaching 53.2 EH/s in Q4 2024, an increase from 24.7 EH/s in Q4 2023, driven by strategic acquisitions and expanded energy capacity.

Energy hashrates represent the computational power utilized in mining, often measured in exahashes per second (EH/s), influencing transaction processing and network security.

However, MARA’s energy and hosting expenses soared by 70%, amounting to $127.4 million in Q4 2024, compared to $75.1 million in Q4 2023.

The company’s direct energy cost per Bitcoin for its owned mining sites rose to $28,801, up from $23,000 the previous year, highlighting the difficulties in scaling operations while remaining profitable.

MARA reported a 62% BTC yield per share for 2024 and did not liquidate any Bitcoin from its total holdings of 44,893 BTC, valued at $4.6 billion, during Q4.

As the second-largest
corporate Bitcoin holder
, the company is taking proactive measures to distinguish itself from its competitors.

“Our aim is not solely on Bitcoin mining but on being the most cost-effective producer in an environment where efficiency and adaptability are crucial,” MARA Chairman and CEO Fred Thiel emphasized in the annual shareholder letter.

While MARA moves forward with a strategic initiative, other miners are struggling with heightened energy costs and the consequences of Bitcoin’s halving.

These challenges are highlighted by Bitdeer’s recent performance, as the Singapore-based miner reported a significant fourth-quarter loss of $532 million. Despite attempts to develop proprietary mining chips, Bitdeer’s stock declined by 20% following this revelation.

Edited by Sebastian Sinclair