In the first quarter of 2024, Marathon Digital Holdings posted a record net income of $337.2 million, marking a significant 184% year-over-year growth from $118.7 million in the same period of 2023. The earnings per share (EPS) for the quarter were $1.26 per diluted share.

The company also reported record revenues of $165.2 million for the first quarter of 2024, reflecting a remarkable 223% year-over-year growth from $51.1 million. As of March 31, Marathon holds $1.6 billion in combined unrestricted cash, cash equivalents, and Bitcoin.

In terms of mining output, Marathon saw an increase in Bitcoin production and infrastructure expansion. During the first quarter, the company mined 2,811 BTC, valued at $176 million at current market prices, representing a 28% year-over-year growth from the first quarter of 2023, when it produced 2,195 BTC. The company's hash rate surged to 27.8 exahashes per second (EH/s), a substantial 142% increase from 11.5 EH/s in the first quarter of 2023. Marathon aims to achieve a hash rate of 50 EH/s by the end of 2024.

Marathon also expanded its digital asset compute capacity by acquiring several data centers, doubling its capacity to 1.1 gigawatts. Notably, more than half of this capacity is located on sites directly owned or operated by the company.

Following its inclusion in the S&P SmallCap 600 index, Marathon's stock (MARA) experienced an 18% increase on May 6. However, the company's latest earnings report did not lead to significant price changes, with MARA down 2.19% on May 9 but up 1.22% after hours following the earnings release.

Despite minor fluctuations, Marathon Digital Holdings remains the largest publicly traded Bitcoin mining firm, boasting a market capitalization of $5.36 billion. Competitors like Core Scientific and Stronghold have also recently published their financial reports, showcasing their respective performances in the industry.