Marathon
Digital
(MARA),
one
of
the
largest
bitcoin
miners
in
North
America,
beat
third-quarter
earnings
estimates
while
missing
revenue
expectations.
The
miner
reported
a
third-quarter
earnings
of
$0.35
per
share
versus
analyst
estimate
of
a
loss
of
$0.11
per
share,
according
to
FactSet
data.
Third
quarter
revenue
was
$97.8
million
compared
to
an
estimate
of
$99.6
million.
Marathon
produced
3,490
bitcoins
during
the
third
quarter,
up
from
2,926
in
Q2
and
616
in
Q3
one
year
ago.
The
company
sold
66%
of
the
bitcoin
produced
last
quarter
to
pay
for
operating
costs,
according
to
the
statement.
The
firm
also
said
it
sees
2023
bitcoin
mining
power,
or
hash
rate,
to
reach
26
exahashes
per
second
(EH/s)
and
expects
to
grow
its
hash
rate
by
about
30%
in
2024.
If
the
company
manages
to
hit
the
guidance
for
this
year,
it
will
become
the
largest
publicly
traded
mining
company
in
terms
of
hashrate.
Core
Scientific
(CORZQ),
a
miner
expecting
to
emerge
from
bankruptcy
in
the
fourth
quarter,
has
about
22
EH/s
mining
power.
MARA
stock
was
lower
by
6.9%
during
the
regular
session
Wednesday;
in
after
hours
trading,
shares
have
bounced
a
modest
0.8%.
The
stock
rose
nearly
140%
this
year,
outperforming
the
73%
bitcoin
(BTC)
price
gain.
CORRECT
(Nov.
8,
21:51
UTC):
Corrects
to
say
third
quarter
earnings
was
a
beat.