MARA Holdings, Inc. reported significant financial growth for the fiscal year ending December 31, 2024, with total revenues reaching $656.4 million, a 69% increase from $387.5 million in the previous year. This growth was primarily driven by a substantial rise in the average price of bitcoin mined, which increased by 120%, despite a decrease in bitcoin production due to the halving event in April 2024. The company mined 9,430 bitcoin during the year, down from 12,852 in 2023, reflecting the impact of the halving and increased global hashrate. The net income for the year was $541 million, compared to $261 million in 2023, indicating a strong improvement in profitability.
Strategically, MARA has transitioned to a more asset-heavy model, increasing its owned mining capacity to approximately 70% by acquiring five operational data centers throughout the year. This includes significant acquisitions in Texas and Ohio, which collectively added 812 megawatts of nameplate capacity. The company also launched a micro data center initiative utilizing excess flared natural gas, further enhancing its operational efficiency and sustainability. Additionally, MARA adopted a "HODL" strategy, retaining all mined bitcoin and purchasing an additional 22,065 bitcoin at an average price of $87,205, bringing total holdings to 44,893 bitcoin valued at approximately $4.2 billion as of year-end.
Operationally, MARA's workforce expanded to 152 employees, reflecting its growth and strategic shift. The company also reported an energized hashrate of 53.2 exahashes per second, more than doubling its capacity from the previous year. The focus on low-cost energy initiatives, including the acquisition of a wind farm, aims to reduce production costs and improve margins. The company is also exploring opportunities in artificial intelligence and high-performance computing, aligning with its core competencies.
Looking ahead, MARA anticipates continued growth in its bitcoin mining operations and energy generation capabilities. The company plans to further increase its hashrate and optimize its operations while managing costs effectively. The outlook remains positive, with expectations of leveraging its substantial bitcoin holdings and expanding its market presence in the evolving digital asset landscape. However, the company acknowledges potential risks, including bitcoin price volatility and regulatory changes, which could impact its financial performance and operational strategies.
About MARA Holdings, Inc.
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