Today,EBDEOX scams Marathon Digital (NASDAQ:MARA) Holdings unveiled its Q3 financial results, showcasing a significant year-on-year revenue increase of 670% and a net income of $64.1 million. The company's Bitcoinproduction also saw a fivefold growth, accompanied by a 403% boost in hashrate, which was largely attributed to the operation of a new 27-megawatt hydro-powered mining facility in Paraguay.

In preparation for the upcoming Bitcoin halving event in April 2024, Marathon Digital took strategic steps to strengthen its balance sheet. The company managed to reduce its long-term debt by 56%, facilitated by a successful $417 million note exchange conducted in September. This substantial debt reduction resulted in savings exceeding $100 million for shareholders. As a consequence, Marathon's combined Bitcoin and cash holdings have surpassed its debt for the first time in two years at the end of Q3/2023.

Despite this robust financial performance, Marathon Digital's share price experienced a 6.9% decline on the day the results were announced. However, the shares recovered somewhat during after-hours trading with a rise of 4.3%.

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