Marathon Digital Holdings has catapulted to new financial heights, reporting a staggering $337.2 million net income for the first quarter of 2024—an 184% surge from $118.7 million the previous year. The earnings, revealed in their May 9 report, showcased a significant earnings per share (EPS) of $1.26. Not stopping there, the company’s revenues hit a record $165.2 million, marking a 223% increase year-over-year from $51.1 million. With a robust financial standing, Marathon now boasts $1.6 billion in unrestricted cash, cash equivalents, and Bitcoin as of the end of March.

On the operational front, Marathon’s productivity in Bitcoin mining has seen remarkable growth, producing 2,811 BTC worth $176 million at current market prices, up 28% from last year. The hash rate power surged by 142% to 27.8 exahashes per second, with the company targeting an ambitious 50 EH/s by year-end. Additionally, strategic acquisitions have doubled Marathon’s compute capacity for digital assets to 1.1 gigawatts, reinforcing its leadership in the cryptocurrency domain.

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