Marathon posts document progress in 2023 earnings, unveils Bitcoin Layer-2 Anduro

Bitcoin mining and know-how agency Marathon Digital reported document progress in plenty of classes in its 2023 annual earnings report.

The agency additionally revealed the event of a Layer-2 community for Bitcoin referred to as Anduro to construct upon the flagship crypto’s ecosystem.

Marathon chairman and CEO Fred Thiel mentioned:

“2023 was a record-breaking yr for Marathon, throughout which we achieved our major goals of energizing our fleet of beforehand bought mining rigs and optimizing our efficiency.”

In accordance with the agency’s steadiness sheet, it mined a document 12,852 Bitcoin over the course of 2023 and had a complete of 15,126 BTC on its steadiness sheet as of Dec. 31, 2023.

Document earnings

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

The corporate’s internet earnings for the yr stood at a document $261.2 million versus a internet lack of $694 million within the earlier yr. In the meantime, internet earnings for the fourth quarter of 2023 stood at $151.8 million.

Diluted EPS for the yr was $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 mixed whole price of $997.0 million on the time.

The corporate additionally expertise important progress 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 progress price of 253%.

Moreover, its fleet effectivity improved by 21% to 24.5 joules per terahash and the agency expanded its operations to 900 megawatts of whole capability. Marathon now operates 11 separate amenities throughout three continents.

Bitcoin Layer-2 Anduro

Marathon claims that Anduro will permit the creation of a number of Bitcoin sidechains and function a programmable utility layer.

Marathon mentioned it’s at present growing the primary two Anduro-based sidechains: Coordinate, aimed on the Ordinals neighborhood, and Alys, an Ethereum-compatible chain for institutional asset tokenization.

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

The corporate added that Anduro sidechains will make use of a course of referred to as merge-mining. This permits collaborating miners, together with Marathon, to earn income from Anduro sidechain transactions denominated in Bitcoin whereas concurrently mining on Bitcoin’s base layer.

The announcement of the sidechain represents a notable shift to Bitcoin growth from Marathon, which has primarily centered on Bitcoin mining since its inception.