Key Points
- MARA Holdings reports record Q4 2024 earnings, with a 37% increase in revenue to $214.4 million and a 69% surge in annual revenue to $656.4 million.
- The Bitcoin miner becomes the second-largest corporate Bitcoin holder, with holdings worth over $4.6 billion.
MARA Holdings, a prominent Bitcoin miner, has recorded a significant surge in its Q4 2024 earnings. The company’s revenue for the quarter rose by 37% to $214.4 million, while its annual revenue saw a 69% increase to $656.4 million.
Impressive Financial Performance
The company’s financial performance was revealed in its Q4 2024 Shareholder Letter. MARA recorded a net income of $528.3 million, marking a 248% increase from the previous year. The company’s adjusted EBITDA, a profitability measure that excludes non-operational expenses, rose by 207% to $794.4 million.
Despite the Bitcoin halving event in April 2024, MARA managed to mine 2,492 Bitcoin (BTC) in Q4, a 25% increase year-over-year. The company capitalized on the rise in Bitcoin’s price, adding $119.9 million to its earnings despite a decrease in revenue due to lower output.
Expanding Bitcoin Holdings and Infrastructure
MARA’s Bitcoin holdings increased by 197% to 44,893 BTC, making it the second-largest corporate holder of Bitcoin. The holdings are currently valued at over $4.6 billion. The company also expanded its energy infrastructure, securing 1.2 gigawatts of power at prices 28% lower than the industry average.
The company significantly expanded its data centers, increasing its percentage from 0 to 70% since early 2024. It also launched a 25-megawatt micro data center project in Texas and North Dakota and deployed 136 megawatts of power capacity.
MARA’s hash rate, a measure of mining power, rose by 115% annually to 53.2 exahashes per second. This makes it one of the largest Bitcoin miners. However, the direct mining cost per Bitcoin increased from $23,000 to $28,801 per year in Q4 due to a 70% rise in energy expenditures to $127.4 million.
MARA plans to diversify its revenue sources by leveraging its energy assets to venture into AI and data infrastructure.