MARA Holdings reported its Q4 2024 financial results on Wednesday, revealing a 37% year-over-year revenue increase to $214.4 million, driven by Bitcoin’s price appreciation.
For the full year, annual revenue increased 69% to $656.4 million, reflecting Bitcoin’s price rally throughout the year.
The Bitcoin mining firm also earned $119.9 million by capitalizing on market gains.
Bitcoin Miner MARA Reports $528.3 Million Net Income for 2024
MARA Holdings’ Q4 2024 Shareholder Letter reported a net income of $528.3 million, marking a 248% year-over-year increase, attributed to business expansion and favorable market conditions.
The firm also saw a revenue surge, reaching $214.4 million in Q4 2024, up from $156.8 million in Q4 2023, thanks to a 132% rise in the average price of Bitcoin mined.
MARA’s earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed 207% year-over-year to $794.4 million.
MARA mined 2,492 BTC in Q4 2024, a 25% increase in Bitcoin blocks won, reaching 703 blocks.
Under its updated treasury policy, MARA retained all mined BTC and purchased an additional 14,574 Bitcoin, financed through cash reserves and proceeds from zero-coupon convertible senior notes.
This move strengthened its Bitcoin reserves, bringing total holdings—including loaned and collateralized BTC—to 44,893 by the end of 2024.
This placed MARA as the second-largest corporate Bitcoin holder, following MicroStrategy, which holds 499,096 BTC.
MARA’s Future: Scaling Hashrate and Entering AI Infrastructure
Beyond financial growth, MARA increased its energized hashrate to 53.2 EH/s in Q4 2024, up 115% from the prior year.
This expansion was driven by a 300% increase in energy capacity and the establishment of seven Bitcoin mining facilities.
Additionally, the firm launched 25-megawatt micro data center projects in Texas and North Dakota to reduce reliance on grid power.
MARA’s ambitions extend beyond Bitcoin mining. The company emphasized that long-term opportunities often emerge in later adoption phases, allowing firms to capitalize on refined market strategies.
By utilizing its technologies, MARA looks to support innovation while providing essential tools for energy management, load balancing, and infrastructure deployment.
Can the U.S. Fulfill President Trump’s Vision of Domestic Bitcoin Mining?
During his presidential campaign, Donald Trump advocated for all remaining Bitcoin to be mined within the United States.
Trump’s pro-crypto stance gained traction among his supporters during his presidential campaign.
Since taking office on January 20, he has now served 38 days and has already taken steps to reshape the regulatory landscape for digital assets.
Despite Trump’s ambitions, industry analysts caution that achieving sole Bitcoin mining dominance in the U.S. faces logistical and economic barriers.
The Current State of Bitcoin Mining in the U.S.
As of January 2025, data from TheMinerMag shows that Bitcoin mining firms in the U.S. contribute around 40% of the global mining hashrate, more than any other country.
The total Bitcoin network hashrate recently surpassed 800 exahashes per second (EH/s), reaching a record 988.8 EH/s on February 1, 2025.
Based on these figures, the U.S. contributes approximately 288 to 356 EH/s.
While this dominance positions the country as a leader in Bitcoin mining, achieving complete control over the industry would require shutting down operations in other parts of the world and drastically scaling up domestic mining efforts.
Economic and Infrastructure Challenges
The feasibility of Trump’s vision extends beyond political will, as one of the biggest hurdles is the cost of mining.
On January 3, 2025, MARA Holdings revealed that it had lent out 7,377 Bitcoin throughout 2024 to generate additional income.
This move was necessary to offset operational expenses tied to its energy-intensive mining activities.
Rising costs have also pushed other U.S. Bitcoin miners to seek alternative funding sources.
Recently, major players like MARA Holdings, Riot Platforms, and CleanSpark raised over $3.7 billion to cover increasing operational expenses as profit margins tighten.
The Future of Bitcoin Mining in the U.S.
While the U.S. is already a leader in Bitcoin mining, achieving complete dominance remains an uphill battle.
Market trends, energy costs, and international competition all determine how much influence the country can truly exert over the industry.
Whether Trump’s vision materializes or not, Bitcoin mining in the U.S. will continue to grow as technology and regulations shift in the coming years.
Frequently Asked Questions (FAQs)
MARA reported that its direct energy cost per Bitcoin from owned mining sites was approximately $28.8K in 2024. This figure reflects the electricity expenses required to mine one Bitcoin, indicating the impact of rising energy prices on the company’s profitability.
In 2024, MARA achieved a Bitcoin yield per share of 62.9%, a key indicator of its ability to generate Bitcoin relative to the number of outstanding shares. This metric suggests that MARA has substantially increased mining output without excessive dilution, benefiting shareholders.
As MARA expands its Bitcoin mining operations, concerns arise over its environmental impact, particularly related to energy consumption and carbon emissions. Bitcoin mining is highly energy intensive, and despite MARA’s efforts to secure more energy capacity, the firm may face scrutiny over its sustainability practices.
MARA’s decision to enter the AI and high-performance computing (HPC) space represents a major shift in its long-term growth strategy. MARA aims to provide energy-efficient solutions for AI-driven applications through its mining infrastructure, expanding beyond Bitcoin mining. This diversification could reduce reliance on cryptocurrency market fluctuations while tapping into the rapidly growing demand for AI and computing power.
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