Bitcoin mining and know-how firm Marathon Digital reported file progress throughout a number of classes in its 2023 annual earnings report.
The corporate additionally revealed the event of Anduro, a second-layer Bitcoin community that’s based mostly on the flagship cryptocurrency ecosystem.
Marathon Chairman and CEO Fred Thiel mentioned:
“2023 has been a record-breaking yr for Marathon, throughout which we achieved our main objectives of powering our beforehand bought fleet of mining rigs and optimizing our efficiency.”
The corporate mined a file 12,852 Bitcoins in 2023 and had a complete of 15,126 Bitcoins on its stability sheet as of December 31, 2023, in keeping with the corporate’s stability sheet.
file income
Marathon’s income in 2023 will enhance 229% yearly, from $117.8 million in 2022 to $387.5 million.
The corporate’s internet revenue this yr reached a file $261.2 million, in contrast with a internet lack of $694 million the earlier yr. In the meantime, internet revenue within the fourth quarter of 2023 was $151.8 million.
Diluted earnings per share for the yr had been $1.06.
As of December 31, 2023, Marathon held $357.3 million in unrestricted money and money equivalents, plus 15,126 BTC in unrestricted Bitcoin, equal to a complete worth of $997.0 million at the moment.
The corporate’s enterprise has additionally skilled important progress.
Marathon’s lively computing energy elevated from 7.0 EH/s in 2022 to 24.7 EH/s in 2023, a progress price of 253%.
Moreover, its fleet effectivity improved by 21% to 24.5 J/terahash, and the corporate expanded its whole working capability to 900 MW. Marathon at the moment operates 11 separate amenities on three continents.
Bitcoin Layer 2 Anduro
Marathon claims Anduro will permit the creation of a number of Bitcoin sidechains and act as a programmable software layer.
Marathon mentioned it’s at the moment growing the primary two Anduro-based sidechains: Co collation for the Ordinals neighborhood, and Alys, an Ethereum-compatible chain for tokenization of institutional belongings.
Marathon famous that open supply contributors can additional develop each sidechains.
The corporate added that the Anduro sidechain will make the most of a course of known as merged mining. This permits taking part miners, together with Marathon, to earn income from Anduro sidechain transactions denominated in Bitcoin whereas mining on high of the Bitcoin base layer.
The announcement of the sidechain marks a big shift towards Bitcoin growth for Marathon, which has primarily centered on Bitcoin mining since its inception.
