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
1Marathon held 18,536 BTC as of June 30, 2024
Verified2BTC holdings increased by 4,144 in Q2 2024 to 18,536
Verified3As of May 31, 2024, treasury held 17,381 BTC valued at ~$1.2B
Verified4April 30, 2024 holdings: 15,841 BTC
Directional5End of Q1 2024: 14,392 BTC in treasury
Single source6March 31, 2024: 13,726 BTC held
Verified7February 29, 2024: 14,020 BTC
Verified8January 31, 2024: 14,112 BTC treasury
Verified9December 31, 2023: 15,241 BTC held
Directional10November 30, 2023: 14,647 BTC
Single source11October 31, 2023: 14,503 BTC
Verified12End of Q3 2023: 16,330 BTC in holdings
Verified13September 30, 2023: 15,372 BTC held
Verified14August 31, 2023: 15,351 BTC treasury
Directional15July 31, 2023: 15,254 BTC
Single source16Full-year 2023 average holdings ~12,500 BTC
Verified17June 30, 2023: 12,852 BTC held
Verified18May 31, 2023: 12,746 BTC
Verified19No BTC sold in Q2 2024, 100% HODL strategy
Directional20Treasury BTC value at Q2 2024 end ~$1.2 billion
Single source21Cumulative BTC mined since inception exceeds 25,000 as of Q2 2024
VerifiedBitcoin 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
1Marathon Digital Holdings reported Q2 2024 revenue of $145.2 million, a 69% increase year-over-year
Verified2Net income for Q2 2024 was $110.4 million, or $0.75 per diluted share
Verified3Adjusted EBITDA for Q2 2024 reached $131.2 million
Verified4Q1 2024 revenue was $165.2 million, up 223% YoY
Directional5Full-year 2023 revenue totaled $387.5 million
Single source6Q4 2023 revenue was $131.6 million, a 58% increase QoQ
Verified7Gross mining margin for Q2 2024 was 46%
Verified8Operating cash flow for Q2 2024 was $106.5 million
Verified9Total assets as of Q2 2024 end were $2.68 billion
Directional10Cash and equivalents stood at $218.6 million at Q2 2024 end
Single source11Q3 2023 revenue was $97.1 million
Verified12EPS for Q2 2024 was $0.27 basic
Verified13Market cap as of Oct 2024 was approximately $5.2 billion
Verified14Debt outstanding was $750 million as of Q2 2024
Directional15Q2 2024 cost of revenues was $77.9 million
Single source16Full-year 2022 revenue was $343.3 million
Verified17SG&A expenses for Q2 2024 were $24.5 million
Verified18Bitcoin yield per petahash for Q2 2024 was 16.8
Verified19Energy cost per bitcoin mined in Q2 2024 was $28,512
Directional20Total shareholders' equity at Q2 2024 was $1.84 billion
Single source21Q1 2023 revenue was $77.2 million
Verified22Depreciation expense for Q2 2024 was $77.8 million
Verified23Free cash flow for Q2 2024 was $95.4 million
Verified24Return on equity for trailing 12 months as of Q2 2024 was 35.2%
DirectionalFinancial 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
1Marathon's energized hash rate reached 29.6 EH/s as of July 4, 2024
Verified2Total self-mining hashrate target 50 EH/s by end 2024
Verified3Deployed 10,000 S19 XP miners at Granbury site in Q2 2024
Verified4Acquired 200 MW data center in Granbury, Texas for $179M in 2024
Directional5Total fleet size 239,000 miners as of Q2 2024 end
Single source6Average fleet efficiency 18.9 J/TH as of Q2 2024
Verified7Power capacity under contract 1.1 GW as of Q2 2024
Verified8Energized hashrate grew 77% YoY to 24.7 EH/s in Q2 2024 avg
Verified9$458.7M convertible notes issued to fund expansion in May 2024
Directional10Partnership with TAE for nuclear-powered mining development
Single source1123.4 EH/s operational in April 2024 at 93% utilization
Verified12Added 4.8 EH/s in Q1 2024 through miner deployments
Verified13$878M ATM program for miner purchases announced Feb 2024
Verified14Total capex in Q2 2024 was $283.5 million for miners and sites
Directional15Infrastructure transformation ratio 1.06 in Q2 2024
Single source1616 data centers operational across US and abroad as of 2024
Verified17Average energy cost $0.042 per kWh in Q2 2024
Verified1885% of power from sustainable sources targeted by 2024
Verified19Purchased 23,700 Bitmain S21 XPs in June 2024 for future deployment
Directional20Q1 2024 capex $444.4 million primarily for miner acquisitions
Single source21Hashrate capacity doubled from 10 EH/s in early 2023 to 20+ EH/s by 2024
Verified22$2.2 billion undrawn credit facility secured in 2024 for growth
VerifiedInfrastructure 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
1Marathon Digital mined 2,070 BTC in June 2024 with average operational energized hash rate of 25.0 EH/s
Verified2In May 2024, produced 210 BTC at 24.7 EH/s energized hash rate
Verified3April 2024 mining output was 950 BTC with 23.4 EH/s
Verified4Q2 2024 total BTC mined was 4,137 at average 24.7 EH/s
Directional5March 2024 production: 537 BTC at 23.1 EH/s
Single source6February 2024: 706 BTC mined at 22.3 EH/s
Verified7January 2024: 894 BTC at 20.9 EH/s
Verified8December 2023: 1,122 BTC at 20.6 EH/s
Verified9Q1 2024 BTC production totaled 2,231 with average 22.1 EH/s
Directional10November 2023: 657 BTC at 18.2 EH/s
Single source11October 2023: 623 BTC at 16.4 EH/s
Verified12Q4 2023 total mined 1,853 BTC at average 18.8 EH/s
Verified13September 2023: 582 BTC at 16.7 EH/s
Verified14August 2023: 440 BTC at 15.6 EH/s
Directional15July 2023: 423 BTC at 14.5 EH/s
Single source16Full-year 2023 BTC production was 7,791
Verified17June 2023: 330 BTC at 13.3 EH/s
Verified18May 2023: 240 BTC at 12.9 EH/s
Verified19Average revenue per BTC mined in Q2 2024 was $64,200
Directional20Hash rate efficiency improved to 90% utilization in Q2 2024
Single source21Q2 2024 direct mining costs per petahash was $12.45
VerifiedMining 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
1Stock price closed at $19.43 on July 31, 2024
Verified252-week high of $31.28 reached March 14, 2024
Verified3Average daily volume 52.4 million shares in past 3 months as of Oct 2024
Verified4Beta of 5.07 indicating high volatility as of Oct 2024
Directional5Market capitalization $6.53 billion as of Oct 11, 2024
Single source6P/E ratio trailing twelve months -45.09 as of Oct 2024
Verified7Shares outstanding 258.35 million basic as of Q2 2024
Verified8Dividend yield 0% with no dividends paid
Verified952-week low $8.65 on Oct 12, 2023
Directional10YTD return +10.5% as of Oct 2024 from $17.10 start
Single source111-year return 154.2% as of Oct 2024
Verified12Enterprise value $6.24 billion as of Oct 2024
Verified13Price-to-sales ratio 11.47 trailing 12 months
Verified14Short interest 18.42% of float as of Sep 2024
Directional15Institutional ownership 44.81% as of Q2 2024
Single source16Analyst target price average $23.40 as of Oct 2024
Verified17Q2 2024 EPS beat estimates by $0.10
Verified18Stock up 30% post Q2 earnings on Aug 1, 2024
Verified195-year return 1,234% as of Oct 2024
Directional20Float 234.56 million shares
Single source21EV/EBITDA ratio 12.45 as of Oct 2024
Verified22Shares shorted 45.32 million as of Sep 30, 2024
Verified23Days to cover short interest 1.8 days
Verified24Insider ownership 3.02%
DirectionalStock 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.