Bitcoin Miner MARA Revenue Hit Record High in Q3

Publicly traded Bitcoin The miner, MARA, recorded the company’s highest quarterly revenue in Q3, generating $252 million, an increase of 92% year-on-year.

The firm also generated revenue of $123 million or $0.27 per share compared to a loss of $124 million at this time last year, while improving its energized hashrate and its Bitcoin mining fleet efficiency. MARA shares were down about 5.8% today, changing hands at $16.96 as crypto markets and other assets fell.

But in an earnings call, the company highlighted its efforts to expand services for AI computing. .

“This quarter we continued to evolve MARA from a pure Bitcoin miner into a vertically integrated digital infrastructure company. One that converts energy into value and intelligence,” MARA CEO Fred Thiel said on his Q3 earnings call.

“At the heart of our strategy is a simple belief – electrons are the new oil. Energy has become the defining resource of the digital economy, powering everything from Bitcoin mining to artificial intelligence.”

In the long term, Thiel said the company is focused on integrating the energy pathways of Bitcoin and AI into a single platform.

“Bitcoin mining monetizes underutilized energy and stabilizes networks, while AI inference transforms that same energy into intelligence and productivity,” he added.

As part of that initiative, MARA deployed its first AI inference racks at its Granbury, Texas site after the quarter ended.

Also, the company announced a partnership with MPLX which will allow them to tap into low-cost natural gas supplies for planned power facilities and data centers in West Texas.

Other Bitcoin miners have been caught in connection with artificial intelligence. On Monday, former BTC miner turned AI cloud computing firm IREN signed a $9.7 billion deal with Microsoft.

Meanwhile, Bitcoin miner Cipher Mining made a similar deal valued at $5.5 billion with Amazon to provide power and space for AI workloads.

The firm holds approximately 53,250 BTC valued at $5.3 billion, making the the second publicly traded Bitcoin treasury. He recently added 400 BTC after the $19 billion of record crypto liquidations sent the lowest price during October.

Bitcoin fell 6% in the last 24 hours to trade at around $100,500, according to CoinGecko data. BTC fell below $100,000 on some exchanges earlier in the day for the first time in six months. Its price is down about 20% from its record high, set in early October.