The post MARA Holdings Reports Q3 Loss Despite Bitcoin Production Surge: Key Insights on Mining Operations and Financials appeared on BitcoinEthereumNews.com.

On November 13th, COINOTAG reported that MARA Holdings, one of the leading firms in the crypto mining sector, has disclosed its third-quarter earnings, as highlighted by TheBlock. This company, recognized as the largest publicly traded cryptocurrency mining entity with a market capitalization of $7.4 billion, recorded a quarterly loss of $0.34 per share, aligning closely with Wall Street forecasts, according to MarketWatch. The quarterly revenue reached $131.6 million, falling short of the anticipated $151.6 million, though it reflects an improvement from a more substantial net loss of $199.7 million in the prior quarter. As of October 31st, MARA’s holdings included 26,747 BTC, with 2,070 BTC mined and 6,210 BTC acquired during the third quarter. Notably, among the purchases, 4,144 BTC were acquired through a $300 million issuance of convertible senior notes at an average cost of $59,500 per BTC. Recent updates indicate that the firm mined 717 BTC in October, marking a 2% increase month-over-month, with a recorded monthly hash rate of 40.2 EH/s. Furthermore, the company revealed its strategic acquisition of two power plants in Ohio, with a capacity of 222 megawatts each, for a total investment of $270 per kilowatt, underscoring its commitment to enhancing operational efficiency and sustainability within the competitive crypto mining landscape. Source: https://en.coinotag.com/breakingnews/mara-holdings-reports-q3-loss-despite-bitcoin-production-surge-key-insights-on-mining-operations-and-financials/

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Filed under: News - @ November 13, 2024 2:23 am