MARA Holdings posts $632.1 million Q3 profit as Bitcoin gains offset revenue drop

The miner formerly known as Marathon Digital sold 13,597 Bitcoin after the quarter and used much of the cash to pay down debt MARA Holdings, the Bitcoin miner previously known as Marathon Digital Holdings, reported third-quarter net income of $632.1 million, or $1.28 per diluted share. A year earlier, the same quarter produced $123.1 million. Most of the profit came from Bitcoin the company holds, not from the Bitcoin it mined and sold. Then came the bigger move. After the quarter closed, MARA sold 13,597 Bitcoin for around $1.1 billion and steered most of that cash toward its debt. A profit built on mark-to-market math The results, released on November 9, show an $885.3 million unrealized fair-value gain on digital assets. Accounting rules let companies count the rising value of crypto they hold as income, even if they never sell it. Revenue tells a less flattering story. It fell 35% year-over-year to $164.2 million, down from $252.4 million in the prior-year quarter. MARA’s average Bitcoin price realization dropped 37%, even as the company produced more coins and ran its machines more efficiently. MARA mined 2,247 Bitcoin during the quarter. Its hashrate, a measure of how much co...