In the first quarter of 2024, Bitcoin mining companies reported significant financial improvements. Core Scientific announced a net income of $211 million, marking a substantial recovery from the previous year. Marathon Digital also showcased a remarkable performance with a 223% increase in revenue to $165.2 million and a 184% rise in net income to $337.2 million, or $1.26 per diluted share. Their adjusted EBITDA also increased by 266% to a record $528.8 million. However, despite these gains, Marathon Digital faced operational challenges that impacted its revenue expectations. Additionally, the company's Bitcoin production increased by 28% year-over-year but saw a decline of 34% from the previous quarter.
Bitcoin miner Marathon Digital misses Q1 revenue expectation due to operational challenges. Learn more about the factors that impacted their performance and outlook for the future in this report by @CoinDesk: 👉📰 https://t.co/IjwH4mONMv #Bitcoin #MarathonDigital💰🚀
Bitcoin miner Hive sees AI-hungry tech giants driving $100m revenue gain https://t.co/oXKzm40g8h
NEW: Marathon's Q1 2024 revenue surged 223% to 💵 $165.2M, and net income skyrocketed 184% to $337.2M. #Bitcoin production increased 28% YOY, but fell 34% compared to Q4 2023. https://t.co/u5B10n2bAi
Marathon Digital logs record earnings as it pushes past ‘operational challenges’ https://t.co/SPiXUZs8Bt
Bitcoin miner Marathon Digital logs record earnings as it pushes past challenges https://t.co/xBbWfeD76P
Marathon Digital mined $176 million in bitcoin as profit jumped 184% in Q1 https://t.co/4xCXqFu9cG
$MARA Earnings: - Revenues Increase 223% to a Record $165.2 Million - Net Income Increases 184% to a Record $337.2 Million, or $1.26 per Diluted Share - Adjusted EBITDA Increases 266% to a Record $528.8 Million “During the first quarter of 2024, we doubled the size of our… https://t.co/aapxDMjO9R
$CARG Earnings: - 1Q’24 Consolidated Net Income of $21.3 million, up 80% YoY; 1Q’24 Non-GAAP Adjusted EBITDA of $50.4 million, up 24% YoY “We are pleased with our first quarter results, as we achieved sustained marketplace revenue acceleration, driven by double-digit QARSD… https://t.co/x6jOqhBDcK
NEW: #Bitcoin ⛏️ miner Core Scientific reported a strong Q1 2024 with a $211M net income, a major turnaround from last year. This surge is credited to growth in both #Bitcoin mining and hosting revenue. https://t.co/zgZk6pLfcU