Bitcoin mining company MARA Holdings reported record revenue and earnings in Q4 2024, beating analysts’ expectations and overcoming the challenges resulting from last year’s Bitcoin halving event.
According to the earnings Bitcoin miner’s report, MARA Holdings recorded a quarterly revenue of $214.4 million. The figures illustrated were greatly influenced by skyrocketing Bitcoin prices during the quarter covered in the report.
Quarterly revenue shoots by 37% from Q4 of 2023
The miner’s report showed a 37% increase from the quarterly revenue recorded in the last quarter of 2023. During Q4 of 2023, MARA Holdings recorded a revenue of $156.8 million. The sudden surge in revenue is due to the skyrocketing Bitcoin prices. The miner recorded a 132% rise in the average price of Bitcoin mined.
According to company documents, MARA Holdings’ net income increased by 248% for the quarter. It settled at $528.3 million, compared to $151.8 million recorded in the same period last year.
Bitcoin’s price surge heavily catalyzed the revenue numbers, contributing about $119 million to the total figures. However, the miner’s challenges came after the April Bitcoin halving event decreased its revenue by $64.2 million due to decreased Bitcoin production.
The halving decreased the reward miners get from solving the computational puzzle embedded in the proof-of-work ecosystem by 50%. The miner’s revenue decreased from 6.250 BTC to just 3.125 BTC per block. MARA Holdings mined a total of 2,492 BTC in Q4 2024, which represents a 27% decline from the 3,490 BTC it mined in the same quarter in 2023.
MARA increased its total blocks won by 25% in Q4 2024
Although the miner’s Bitcoin production declined, MARA increased its total block won by 25% from 562 blocks in Q4 2023 to 703 blocks in the last quarter of 2024. The company’s earnings per share also went beyond expectations. According to the report, MARA’s EPS settled at $1.24 despite analysts from MarketBeat predicting a loss of $0.32 per share. The company’s stock surged by 7.41% to $13.38 as traders and investors reacted to the better-than-expected EPS figures.
MARA’s computational power used in mining (hashrate) grew by 115% from 24.7 EH/s in Q4 2023 to 53.2 EH/s in Q4 2024. The growth was largely driven by energy capacity expansion and strategic acquisitions. The miner’s energy and hosting costs also increased significantly by 70% to $127.4 million in Q4 2024, compared to $75.1 million in Q4 2023.
The Bitcoin miner’s direct energy cost per Bitcoin for its owned mining sites increased from $23,000 in the previous year to $28,801. The increase reflects the challenges of maintaining profitability while simultaneously scaling operations. MARA reported a 62% BTC yield per share for 2024 and did not sell any Bitcoin out of its total holding in Q4.
MARA trails Microstrategy with 45,659 Bitcoins worth $3.94 billion in its custody
MARA Holdings is the second largest corporate Bitcoin holder globally after Strategy (formerly Microstrategy). According to data from Bitcoin Treasuries, the BTC mining firm holds 45,659 Bitcoins worth $3.94 billion at current BTC prices.
MARA chairman and CEO Fred Thiel wrote in the annual shareholder letter that the company has narrowed its focus on mining Bitcoin while maintaining the lowest costs and maximizing production. The chairman highlighted that the company operates in an environment where adaptation and efficiency are key.
“Our focus is not just on Bitcoin mining but on being the lowest-cost producer in an environment where efficiency and adaptability are paramount.”
MARA’s performance is outstanding compared to other Bitcoin mining organizations. A Singaporean BTC mining firm, Bitdeer, disclosed a fourth-quarter loss of $532 million. As a result of the news, traders and investors reacted promptly by selling its stock.
The company posted fourth-quarter revenue of $69 million, compared to $115 million the previous year. Bitdeer explained that the numbers were heavily affected by Bitcoin’s halving event, which slashed miner revenue by half.
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