Bitcoin mining company Marathon Digital Holdings has reported a significant increase in revenue, with a 670% rise year-on-year in the third quarter of 2023. The company also recorded a net income of $64.1 million for the quarter. Marathon’s CEO expressed confidence in the company’s financial position, particularly in anticipation of the Bitcoin halving event scheduled for April 2024. Marathon has reduced its debt and plans to focus on enhancing its mining capacity. Despite its high valuation, some analysts suggest investors may consider other mining entities with lower valuation ratios. Marathon remains the largest holder of Bitcoin among mining companies.
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