- MARA Holdings achieved Q4 2024 revenue of $214.4 million, representing a 37% year-over-year increase despite Bitcoin halving challenges.
- Net income surged 248% to $528.3 million, with earnings per share reaching $1.24, significantly outperforming analyst expectations.
- The company’s hashrate grew 115% to 53.2 EH/s, although Bitcoin production decreased 27% to 2,492 BTC due to halving effects.
- Energy and Hosting costs rose 70% to $127.4 million, with per-Bitcoin mining costs increasing to $28,801.
- MARA maintains its position as the second-largest corporate Bitcoin holder with 44,893 BTC worth $4.6 billion.
MARA Holdings demonstrated remarkable resilience in Q4 2024, posting record financial results despite the challenges presented by Bitcoin’s halving event. The mining giant’s performance, marked by substantial revenue growth and unprecedented net income, signals a significant shift in the competitive landscape of cryptocurrency mining operations.
According to the company’s fourth-quarter statement, revenues climbed to $214.4 million, a 37% increase from the $156.8 million reported in Q4 2023. This growth was primarily driven by a 132% rise in the average price of Bitcoin mined, offsetting production challenges.
The impact of April’s Bitcoin halving event, which reduced block rewards from 6.250 BTC to 3.125 BTC, was evident in the company’s mining output. MARA produced 2,492 BTC in Q4 2024, down from 3,490 BTC in the same period of 2023. However, the company managed to increase its block winning efficiency by 25%, securing 703 blocks compared to the previous year’s 562.
The company’s technological advancement is reflected in its hashrate growth – a measure of computational power used in mining – which reached 53.2 EH/s, more than double the previous year’s 24.7 EH/s. This expansion came at a cost, with energy and hosting expenses increasing 70% to $127.4 million.
Fred Thiel, MARA’s Chairman and CEO, emphasized the company’s strategic direction in the annual shareholder letter, stating: “Our focus is not just on Bitcoin mining but on being the lowest-cost producer in an environment where efficiency and adaptability are paramount.”
The company’s performance stands in stark contrast to competitors like Bitdeer, which recently reported a $532 million fourth-quarter loss despite efforts to develop proprietary mining technology.
According to Market Beat data, MARA’s earnings per share of $1.24 significantly exceeded analyst expectations of a $0.32 loss, triggering a 7.41% increase in after-hours trading to $13.38, as shown by Google Finance data.
The company’s strategic decision to retain its entire Bitcoin holdings, now totaling 44,893 BTC valued at $4.6 billion, reflects confidence in long-term market prospects despite the challenging operational environment created by the halving event.
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