Bitcoin mining company Mara Holdings achieves record Q3 profit of $123 million, driven by rising coin prices and improved operational efficiency

According to ChainCatcher, bitcoin mining company Mara Holdings reported record earnings on Tuesday, with third-quarter profits reaching $123 million. This was mainly due to the rise in bitcoin prices during the quarter and improved operational efficiency, which drove a 92% increase in revenue to $252 million. This performance marks a turnaround for the company, which had posted a loss of $125 million a year earlier, thanks to a 64% increase in hash rate and lower electricity costs.

The company mined 2,144 bitcoins in the third quarter and currently holds 53,250 bitcoins. At current prices, this is worth nearly $5.6 billion.