MARA Revenue Surges 37% in Q4, Bitcoin Reserves Reach $4.6B" or "MARA's Q4 Revenue Grows 37%, Bitcoin Reserves Top $4.6B" (tie)

MARA Holdings, a Bitcoin mining company, has announced an all-time high in earnings for the fourth quarter of 2024, with a revenue increase of 37% to $214.4 million and a full-year revenue surge of 69% to $656.4 million.

As stated in MARA's Q4 2024 Shareholder Letter released on Feb. 27, the company achieved a net income of $528.3 million, a rise of 248% compared to the previous year. The adjusted EBITDA, a profitability measure that excludes non-operational expenses like taxes and interest, increased by 207% to $794.4 million, establishing a new standard in the industry.

During the fourth quarter, MARA mined 2,492 Bitcoin (BTC), a 25% increase in total blocks won compared to the previous year, despite the Bitcoin halving event in April 2024 that reduced block rewards by half. The company was able to take advantage of the increase in the price of Bitcoin, adding $119.9 million in earnings despite a decrease in revenue due to lower production.

MARA has become the second-largest corporate holder of Bitcoin, with its holdings increasing by 197% to 44,893 BTC, valued at over $4.6 billion. Moreover, the company expanded its energy infrastructure by securing 1.2 gigawatts of power at rates that are 28% lower than the industry average.

To reduce its dependence on third-party facilities, the company has increased the percentage of its self-owned data centers from 0 to 70% since early 2024. Additionally, MARA deployed 136 megawatts of power capacity and initiated a 25-megawatt micro data center project at wellheads in Texas and North Dakota.

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MARA's hash rate, which measures mining power, grew by 115% annually to 53.2 exahashes per second, making it one of the largest Bitcoin miners. However, MARA's direct mining cost per Bitcoin increased from $23,000 to $28,801 per year in Q4 due to a 70% rise in energy expenses to $127.4 million.

To diversify its revenue streams, MARA intends to leverage its energy assets to venture into AI and data infrastructure.

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