Bitcoin mining and know-how firm Marathon Digital reported report progress in a variety of classes in its 2023 annual earnings report.

The corporate additionally revealed the event of a layer 2 community for Bitcoin referred to as Anduro to construct on the flagship cryptocurrency's ecosystem.

Fred Thiel, Chairman and CEO of Marathon, mentioned:

“2023 was a report 12 months for Marathon, throughout which we achieved our important goal of revitalizing our beforehand bought mining rig fleet and optimizing its efficiency.”

In accordance with the corporate's stability sheet, it mined a report 12,852 Bitcoins throughout 2023, with a complete of 15,126 BTC on its stability sheet as of December 31, 2023.

report report earnings

Marathon's 2023 income was $387.5 million, up 229% 12 months over 12 months from $117.8 million in 2022.

The corporate's web earnings was a report $261.2 million, in comparison with a web lack of $694 million within the earlier 12 months. In the meantime, web earnings for the fourth quarter of 2023 was $151.8 million.

Diluted EPS for the 12 months was $1.06.

As of December 31, 2023, Marathon held $357.3 million in unrestricted money and money equivalents and 15,126 BTC in unrestricted Bitcoin, for a complete mixture worth of $997 million on the time. Masu.

The corporate has additionally skilled important progress on the enterprise entrance.

Marathon’s activation hashrate rose from 7.0 EH/s in 2022 to 24.7 EH/s in 2023, marking a progress fee of 253%.

As well as, the corporate's car effectivity elevated by 21% to 24.5 joules per terahash, and the corporate expanded its operations to 900 megawatts of whole capability. Marathon at the moment operates 11 separate services throughout three continents.

Bitcoin Layer 2 Anduro

Marathon claims that Anduro allows the creation of a number of Bitcoin sidechains and acts as a programmable software layer.

Marathon mentioned he’s at the moment creating the primary two Anduro-based sidechains: Coordination, which is focused on the Ordinals neighborhood, and Alys, an Ethereum-compatible chain for institutional asset tokenization.

Each sidechains might be additional developed by open supply contributors, Marathon famous.

The corporate added that the Anduro sidechain makes use of a course of referred to as merge mining. This permits taking part miners, together with Marathon, to earn income from his Anduro sidechain transactions denominated in Bitcoin whereas mining on Bitcoin's base layer.

The sidechain announcement represents a notable shift in direction of Bitcoin growth from Marathon, which has primarily targeted on Bitcoin mining since its inception.