MARA Q3 financial report: Bitcoin holdings increased to 26,747 coins, a total of 2,070 BTC were produced in Q3

Bitcoin mining company MARA Holdings (formerly Marathon Digital) announced its third-quarter financial report on Tuesday afternoon, with a quarterly loss of $0.34 per share, in line with market expectations according to Market Watch data. Third-quarter sales were $131.6 million, lower than the expected $151.6 million but an improvement from the net loss of $199.7 million in the second quarter.

As of October 31st, MARA held 26,747 BTC on its balance sheet and produced 2,070 BTC in Q3 while purchasing another 6,210 BTC; among these purchases was 4,144 BTC bought using proceeds from issuing convertible preferred notes worth $300 million at an average price of $59,500 each. Last week MARA stated that it had mined a total of 717 BTC in October alone - a month-on-month increase of 2% - and increased its hash rate to reach up to 40.2 EH/s for that month as well. On Monday the company announced it had purchased two power plants located in Ohio with a combined capacity outputting up to222 megawatts for a price tag set at $270 per kilowatt-hour.