Bitcoin Miner Marathon's Sales Beat Fails to Impress Wall Street
Summary
Marathon Digital (MARA) exceeded Q4 sales expectations with $156.8 million, surpassing the estimated $148.8 million. The company sold 56% of its produced bitcoin to cover operating costs. It aims to increase mining power to 35-37 EH/s by 2024 and 50 EH/s by 2025. Marathon plans to launch a Bitcoin layer-2 network, Anduro, and introduced "Slipstream" to expedite large or non-standard bitcoin transactions. The stock initially rose but fell over 7% in post-market trading.
