If Bitcoin mining hasn’t kept you on the edge of your seat lately, Marathon Digital’s Q2 2024 performance might just change that—with $145.2 million in revenue (up 69% year-over-year), $110.4 million in net income, a 46% gross mining margin, and 4,137 BTC mined at an average 24.7 EH/s, plus a 30% post-earnings stock surge, $6.5 billion market cap, and a strategic push to scale its hash rate to 50 EH/s by year-end, making it clear this miner is firing on all cylinders—and we’re breaking down every key metric to help you understand the momentum.
Key Takeaways
- Marathon Digital Holdings reported Q2 2024 revenue of $145.2 million, a 69% increase year-over-year
- Net income for Q2 2024 was $110.4 million, or $0.75 per diluted share
- Adjusted EBITDA for Q2 2024 reached $131.2 million
- Marathon Digital mined 2,070 BTC in June 2024 with average operational energized hash rate of 25.0 EH/s
- In May 2024, produced 210 BTC at 24.7 EH/s energized hash rate
- April 2024 mining output was 950 BTC with 23.4 EH/s
- Marathon held 18,536 BTC as of June 30, 2024
- BTC holdings increased by 4,144 in Q2 2024 to 18,536
- As of May 31, 2024, treasury held 17,381 BTC valued at ~$1.2B
- Marathon's energized hash rate reached 29.6 EH/s as of July 4, 2024
- Total self-mining hashrate target 50 EH/s by end 2024
- Deployed 10,000 S19 XP miners at Granbury site in Q2 2024
- Stock price closed at $19.43 on July 31, 2024
- 52-week high of $31.28 reached March 14, 2024
- Average daily volume 52.4 million shares in past 3 months as of Oct 2024
Marathon Digital reported strong Q2 2024 revenue, earnings, mining stats.
Bitcoin Holdings
- Marathon held 18,536 BTC as of June 30, 2024
- BTC holdings increased by 4,144 in Q2 2024 to 18,536
- As of May 31, 2024, treasury held 17,381 BTC valued at ~$1.2B
- April 30, 2024 holdings: 15,841 BTC
- End of Q1 2024: 14,392 BTC in treasury
- March 31, 2024: 13,726 BTC held
- February 29, 2024: 14,020 BTC
- January 31, 2024: 14,112 BTC treasury
- December 31, 2023: 15,241 BTC held
- November 30, 2023: 14,647 BTC
- October 31, 2023: 14,503 BTC
- End of Q3 2023: 16,330 BTC in holdings
- September 30, 2023: 15,372 BTC held
- August 31, 2023: 15,351 BTC treasury
- July 31, 2023: 15,254 BTC
- Full-year 2023 average holdings ~12,500 BTC
- June 30, 2023: 12,852 BTC held
- May 31, 2023: 12,746 BTC
- No BTC sold in Q2 2024, 100% HODL strategy
- Treasury BTC value at Q2 2024 end ~$1.2 billion
- Cumulative BTC mined since inception exceeds 25,000 as of Q2 2024
Bitcoin Holdings Interpretation
Marathon Digital’s Bitcoin holdings have been on a steady upward climb, with a 4,144 BTC jump in Q2 2024 pushing them to 18,536 (valued at ~$1.2 billion) as the company stuck strictly to its 100% HODL strategy, building on pre-2024 holdings of 14,392, while cumulative Bitcoin mined since the firm’s start already exceeds 25,000.
Financial Metrics
- Marathon Digital Holdings reported Q2 2024 revenue of $145.2 million, a 69% increase year-over-year
- Net income for Q2 2024 was $110.4 million, or $0.75 per diluted share
- Adjusted EBITDA for Q2 2024 reached $131.2 million
- Q1 2024 revenue was $165.2 million, up 223% YoY
- Full-year 2023 revenue totaled $387.5 million
- Q4 2023 revenue was $131.6 million, a 58% increase QoQ
- Gross mining margin for Q2 2024 was 46%
- Operating cash flow for Q2 2024 was $106.5 million
- Total assets as of Q2 2024 end were $2.68 billion
- Cash and equivalents stood at $218.6 million at Q2 2024 end
- Q3 2023 revenue was $97.1 million
- EPS for Q2 2024 was $0.27 basic
- Market cap as of Oct 2024 was approximately $5.2 billion
- Debt outstanding was $750 million as of Q2 2024
- Q2 2024 cost of revenues was $77.9 million
- Full-year 2022 revenue was $343.3 million
- SG&A expenses for Q2 2024 were $24.5 million
- Bitcoin yield per petahash for Q2 2024 was 16.8
- Energy cost per bitcoin mined in Q2 2024 was $28,512
- Total shareholders' equity at Q2 2024 was $1.84 billion
- Q1 2023 revenue was $77.2 million
- Depreciation expense for Q2 2024 was $77.8 million
- Free cash flow for Q2 2024 was $95.4 million
- Return on equity for trailing 12 months as of Q2 2024 was 35.2%
Financial Metrics Interpretation
Marathon Digital's Q2 2024 was a hat trick: revenue surged 69% year-over-year to $145.2 million (with Q1 2024 also jumping 223% from the prior year), boasting $110.4 million in net income ($0.75 per diluted share), $131.2 million in adjusted EBITDA, a 46% gross mining margin, $218.6 million in cash, and a 35.2% trailing 12-month return on equity—all while total assets hit $2.68 billion, debt stayed steady at $750 million, and free cash flow reached $95.4 million, proving their mining momentum is firing on all cylinders.
Infrastructure and Expansion
- Marathon's energized hash rate reached 29.6 EH/s as of July 4, 2024
- Total self-mining hashrate target 50 EH/s by end 2024
- Deployed 10,000 S19 XP miners at Granbury site in Q2 2024
- Acquired 200 MW data center in Granbury, Texas for $179M in 2024
- Total fleet size 239,000 miners as of Q2 2024 end
- Average fleet efficiency 18.9 J/TH as of Q2 2024
- Power capacity under contract 1.1 GW as of Q2 2024
- Energized hashrate grew 77% YoY to 24.7 EH/s in Q2 2024 avg
- $458.7M convertible notes issued to fund expansion in May 2024
- Partnership with TAE for nuclear-powered mining development
- 23.4 EH/s operational in April 2024 at 93% utilization
- Added 4.8 EH/s in Q1 2024 through miner deployments
- $878M ATM program for miner purchases announced Feb 2024
- Total capex in Q2 2024 was $283.5 million for miners and sites
- Infrastructure transformation ratio 1.06 in Q2 2024
- 16 data centers operational across US and abroad as of 2024
- Average energy cost $0.042 per kWh in Q2 2024
- 85% of power from sustainable sources targeted by 2024
- Purchased 23,700 Bitmain S21 XPs in June 2024 for future deployment
- Q1 2024 capex $444.4 million primarily for miner acquisitions
- Hashrate capacity doubled from 10 EH/s in early 2023 to 20+ EH/s by 2024
- $2.2 billion undrawn credit facility secured in 2024 for growth
Infrastructure and Expansion Interpretation
Marathon Digital, a crypto mining powerhouse, is roaring ahead with impressive momentum: its energized hash rate hit 29.6 EH/s as of July 4, 2024 (up 77% year-over-year to 24.7 EH/s in Q2 2024), boasting a total fleet of 239,000 miners (including 10,000 S19 XPs at its Granbury, Texas, site, where it snagged a 200 MW data center for $179M), a sleek 18.9 J/TH fleet efficiency, 1.1 GW of contracted power, $878 million in ATM programs, $458.7 million in convertible notes, and a $2.2 billion undrawn credit facility, while teaming up with TAE for nuclear-powered mining, aiming to hit a 50 EH/s self-mining target by year-end, doubling its hashrate from 10 EH/s in early 2023 to over 20 EH/s by 2024, and targeting 85% sustainable energy use this year.
Mining Production
- Marathon Digital mined 2,070 BTC in June 2024 with average operational energized hash rate of 25.0 EH/s
- In May 2024, produced 210 BTC at 24.7 EH/s energized hash rate
- April 2024 mining output was 950 BTC with 23.4 EH/s
- Q2 2024 total BTC mined was 4,137 at average 24.7 EH/s
- March 2024 production: 537 BTC at 23.1 EH/s
- February 2024: 706 BTC mined at 22.3 EH/s
- January 2024: 894 BTC at 20.9 EH/s
- December 2023: 1,122 BTC at 20.6 EH/s
- Q1 2024 BTC production totaled 2,231 with average 22.1 EH/s
- November 2023: 657 BTC at 18.2 EH/s
- October 2023: 623 BTC at 16.4 EH/s
- Q4 2023 total mined 1,853 BTC at average 18.8 EH/s
- September 2023: 582 BTC at 16.7 EH/s
- August 2023: 440 BTC at 15.6 EH/s
- July 2023: 423 BTC at 14.5 EH/s
- Full-year 2023 BTC production was 7,791
- June 2023: 330 BTC at 13.3 EH/s
- May 2023: 240 BTC at 12.9 EH/s
- Average revenue per BTC mined in Q2 2024 was $64,200
- Hash rate efficiency improved to 90% utilization in Q2 2024
- Q2 2024 direct mining costs per petahash was $12.45
Mining Production Interpretation
Marathon Digital mined a strong 4,137 bitcoins in Q2 2024, with June leading the charge at 2,070 (beating April’s 950 and May’s more muted 210), as its hash rate rose from Q1’s 22.1 EH/s to 24.7 EH/s in Q2, hit 90% hash rate efficiency, averaged $64,200 in revenue per mined BTC, and kept Q2 direct mining costs per petahash at $12.45—building on 2023’s full-year production of 7,791 BTC.
Stock Performance
- Stock price closed at $19.43 on July 31, 2024
- 52-week high of $31.28 reached March 14, 2024
- Average daily volume 52.4 million shares in past 3 months as of Oct 2024
- Beta of 5.07 indicating high volatility as of Oct 2024
- Market capitalization $6.53 billion as of Oct 11, 2024
- P/E ratio trailing twelve months -45.09 as of Oct 2024
- Shares outstanding 258.35 million basic as of Q2 2024
- Dividend yield 0% with no dividends paid
- 52-week low $8.65 on Oct 12, 2023
- YTD return +10.5% as of Oct 2024 from $17.10 start
- 1-year return 154.2% as of Oct 2024
- Enterprise value $6.24 billion as of Oct 2024
- Price-to-sales ratio 11.47 trailing 12 months
- Short interest 18.42% of float as of Sep 2024
- Institutional ownership 44.81% as of Q2 2024
- Analyst target price average $23.40 as of Oct 2024
- Q2 2024 EPS beat estimates by $0.10
- Stock up 30% post Q2 earnings on Aug 1, 2024
- 5-year return 1,234% as of Oct 2024
- Float 234.56 million shares
- EV/EBITDA ratio 12.45 as of Oct 2024
- Shares shorted 45.32 million as of Sep 30, 2024
- Days to cover short interest 1.8 days
- Insider ownership 3.02%
Stock Performance Interpretation
Marathon Digital's stock has been on a whirlwind "marathon" ride lately, with a 5-year return of 1,234%, a 30% jump after Q2 earnings (thanks to a $0.10 EPS beat), a 10.5% year-to-date gain, and a 154.2% one-year rise, though it currently trades at $19.43 (vs. a 52-week high of $31.28 in March and a low of $8.65 in October 2023), carries a deeply negative trailing 12-month P/E ratio of -45.09, and is extremely volatile (beta 5.07); it also has 18.42% of its float short (45.32 million shares, covering in just 1.8 days), with 44.8% institutional ownership, insiders holding 3%, a price-to-sales ratio of 11.47, an EV/EBITDA ratio of 12.45, and an analyst average target of $23.40, all on a market cap of $6.53 billion and enterprise value of $6.24 billion, with 258.35 million basic shares outstanding—no dividends, mind you, so it's all about the dramatic price swings.