The publicly listed Bitcoin miner Marathon Digital Holdings achieved a new revenue record in the third quarter: with USD 252 million in revenue and a return to profitability, the company showed how miners aim to capitalize on developments around artificial intelligence.
The company generated 92% more revenue compared to the previous year and reported earnings of USD 0.27 per share, after recording a loss of USD 124 million a year earlier. Alongside improved mining efficiency, the company announced plans to scale its infrastructure for AI processing and a partnership with MPLX LP to access cheaper energy sources in Texas.
Revenue and operating results in detail
Marathon reported revenue of USD 252 million in the third quarter, representing year-over-year growth of 92%. At the same time, the company posted a net profit of USD 123 million, compared to a loss of USD 124 million in the previous year. The results were driven by higher Bitcoin prices, improved mining efficiency, and an expansion of its own hash rate.
The company holds around 53’000 BTC, with a market value of approximately USD 5.3 billion, making it the second-largest publicly traded Bitcoin treasury company.
Strategic expansion into AI infrastructure
In addition to traditional Bitcoin mining, Marathon is increasingly focusing on digital infrastructure. The company has already installed AI inference racks at its Granbury, Texas site. Chief Executive Fred Thiel summed up the goal succinctly: “Electrons are the new oil” – as energy becomes the key resource of the digital economy, from mining to AI.
In a series of steps, Marathon is cooperating with MPLX LP to gain access to low-cost natural gas energy and planned data centers in West Texas. This will expand the business model from a pure mining operator to a provider of comprehensive digital infrastructure focused on energy, blockchain, and AI applications.
Despite the strong quarterly figures, Marathon’s share price fell by around 6% during trading. The decline is mainly due to Bitcoin falling below USD 100’000 at the end of the quarter and an increased perception of macroeconomic risks. The company’s performance remains highly dependent on the Bitcoin price, the energy cost structure, and the regulatory environment. The more the company diversifies, the higher its investment and operating costs – meaning new business areas could temporarily weigh on profitability.
