Bitcoin mining firm Marathon Digital Holdings saw its revenue surge 670% year-on-year in the third quarter of 2023, amid a nearly five-fold increase in Bitcoin production.

The results saw Marathon also swing to a quarterly profit, with $64.1 million of net income in the third quarter, according to the firm’s Nov. 8 results filing.

The firm partly attributed the improved financial results to a 467% spike in Bitcoin (BTC) production from 6.7 mined BTC per day in Q3 2022 to 37.9 BTC per day in Q3 2023. Similarly, Marathon’s energized hashrate boosted 403% over the same timeframe.

#BTC

💬 Bitcoin ETFs will drive institutional adoption in 2024 - Galaxy Digital’s Mike Novogratz

Galaxy Digital founder and CEO Mike Novogratz says approving a Bitcoin spot ETF is not “a matter of if but when,” which will drive institutional investment in the secto$BTC #etf #BTC #MikeNovogratz

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