Marathon posts record growth in 2023 earnings, unveils Bitcoin Layer-2 Anduro

Bitcoin mining and know-how firm Marathon Digital reported myth impart in a different of categories in its 2023 annual earnings myth.

The firm additionally revealed the attain of a Layer-2 network for Bitcoin called Anduro to create upon the flagship crypto’s ecosystem.

Marathon chairman and CEO Fred Thiel acknowledged:

“2023 became as soon as a myth-breaking year for Marathon, at some stage in which we performed our main objectives of energizing our quick of previously bought mining rigs and optimizing our performance.”

According to the firm’s steadiness sheet, it mined a myth 12,852 Bitcoin over the route of 2023 and had a total of 15,126 BTC on its steadiness sheet as of Dec. 31, 2023.

File earnings

Marathon’s 2023 income grew 229% year over year to $387.5 million from $117.8 million in 2022.

The corporate’s gain earnings for the year stood at a myth $261.2 million versus a gain lack of $694 million within the old year. Meanwhile, gain earnings for the fourth quarter of 2023 stood at $151.8 million.

Diluted EPS for the year became as soon as $1.06.

As of Dec. 31, 2023, Marathon held $357.3 million in unrestricted money and money equivalents plus 15,126 BTC in unrestricted Bitcoin — equating to a blended total price of $997.0 million at the time.

The corporate additionally expertise indispensable impart in its operations.

Marathon’s energized hash price rose to 24.7 EH/s in 2023 from 7.0 EH/s in 2022, marking a impart price of 253%.

Moreover, its quick efficiency improved by 21% to 24.5 joules per terahash and the firm expanded its operations to 900 megawatts of total capacity. Marathon now operates 11 separate products and services right by means of three continents.

Bitcoin Layer-2 Anduro

Marathon claims that Anduro will allow the appearance of a pair of Bitcoin sidechains and attend as a programmable software program layer.

Marathon acknowledged it’s presently growing the principle two Anduro-essentially essentially based sidechains: Coordinate, geared toward the Ordinals neighborhood, and Alys, an Ethereum-like minded chain for institutional asset tokenization.

Each sidechains could perhaps perhaps additionally be developed further by open-offer contributors, Marathon illustrious.

The corporate added that Anduro sidechains will produce employ of a process called merge-mining. This permits participating miners, including Marathon, to ranking income from Anduro sidechain transactions denominated in Bitcoin whereas concurrently mining on Bitcoin’s inappropriate layer.

The announcement of the sidechain represents a primary shift to Bitcoin constructing from Marathon, which has essentially centered on Bitcoin mining since its inception.