MARA Reports $214.4M in Q4 Revenue
Bitcoin mining company MARA Holdings reported record-breaking revenue of $214.4 million in Q4 2024, surpassing analyst expectations despite a decline in Bitcoin production.
The company’s net income surged 248% to $528.3 million, driven largely by a 132% increase in Bitcoin’s price.
Impact of Bitcoin Halving on MARA’s Mining
The April 2024 Bitcoin halving reduced block rewards from 6.25 BTC to 3.125 BTC, causing MARA’s production to drop 27% year-over-year. The firm mined 2,492 BTC in Q4 2024, down from 3,490 BTC in Q4 2023.
Despite this decline, MARA won 703 blocks, a 25% increase from the previous year. This helped offset revenue losses from lower Bitcoin production.
Stock Surges on Strong Earnings
MARA’s earnings per share (EPS) hit $1.24, far exceeding analyst forecasts of a $0.32 loss. Following the earnings report, MARA’s stock climbed 7.41% to $13.38 in after-hours trading.
The company’s hashrate increased 115% to 53.2 EH/s, improving its mining efficiency. However, energy and hosting costs surged 70%, reaching $127.4 million for the quarter.
MARA’s Bitcoin Holdings and Strategic Growth
MARA currently holds 44,893 BTC worth $4.6 billion and did not sell any of its Bitcoin in Q4. The firm is focused on becoming the lowest-cost Bitcoin producer, differentiating itself from competitors struggling with rising energy costs.
With Bitcoin mining becoming more competitive, MARA’s strong balance sheet and efficiency upgrades position it for long-term growth despite the impact of the halving event.
