Bitcoin mining and technology firm Marathon Digital reported record growth in a number of categories in its 2023 annual earnings report.
The firm also revealed the development of a Layer-2 network for Bitcoin called Anduro to build upon the flagship crypto’s ecosystem.
Marathon chairman and CEO Fred Thiel said:
“2023 was a record-breaking year for Marathon, during which we achieved our primary objectives of energizing our fleet of previously purchased mining rigs and optimizing our performance.”
According to the firm’s balance sheet, it mined a record 12,852 Bitcoin over the course of 2023 and had a total of 15,126 BTC on its balance sheet as of Dec. 31, 2023.
Record earnings
Marathon’s 2023 revenue grew 229% year over year to $387.5 million from $117.8 million in 2022.
The company’s net income for the year stood at a record $261.2 million versus a net loss of $694 million in the previous year. Meanwhile, net income for the fourth quarter of 2023 stood at $151.8 million.
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