Bitcoin Mining Firm Mara Holdings Achieves Record Q3 Profit of $123 Million, Benefiting from Price Increase and Improved Operational Efficiency
BlockBeats News, November 4th, Bitcoin mining firm Mara Holdings announced a record profit on Tuesday, with a third-quarter profit of $123 million, mainly driven by the price increase of Bitcoin during the quarter and improved operational efficiency, leading to a 92% revenue growth to $252 million.
This performance marks a turnaround for the company, compared to a loss of $125 million a year ago. The company's performance has seen a significant improvement, benefiting from a 64% increase in hash rate and a reduction in electricity costs.
The company mined 2,144 bitcoins in the third quarter and currently holds 53,250 bitcoins. At the current price, this is valued at nearly $5.6 billion.
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