MARA Achieves Record High Revenues and Net Income as It Accelerates Its Transformation into a Vertically-Integrated Energy and Technology Solutions Provider
MARA, the leading technology company, has reported record high revenues and net income for the fourth quarter and full year 2024. The company's Chairman and Chief Executive Officer, Fred Thiel, proudly announced this achievement during the Q4 2024 Earnings Call.
In addition to its financial success, MARA has undergone a significant transformation in recent times. As highlighted in the company's shareholder letter, MARA is accelerating its transformation into a vertically-integrated energy and technology solutions provider. This transformation aims to reduce the company's reliance on grid power and lower its cost to mine.
One of the key highlights of this transformation is MARA's ability to secure 300% more energy capacity. The company's total portfolio has expanded from approximately 5 gigawatts to 1.7 gigawatts, marking a significant increase in energy capacity. This expansion has enabled MARA to deploy its first owned power-generating assets, further reducing its reliance on grid power.
The benefits of this transformation are multifaceted. By owning energy assets, MARA can lower its single biggest input cost - energy. The company's direct energy cost per bitcoin for 2024 was $28,000 from its own sites, which is significantly lower than the average grid-connected miner's energy cost of $40 a megawatt. In some cases, MARA's energy cost could be as low as $10 a megawatt or even less.
Furthermore, this transformation has enabled MARA to potentially double the useful life of its miners, reducing its need for maintenance CapEx. This makes the company more capital efficient and less dependent on replacing its fleet every 3 to 4 years like its peers. Additionally, MARA can now mine at times when others will have to curtail due to high marginal costs, giving it a competitive edge in the market.
As MARA continues to accelerate its transformation, the company is also focused on developing solutions that help optimize power consumption, storage, and distribution. This enables MARA to activate new services for data centers, AI operators, and energy markets. The company can co-locate with these customers, balance their load, and generate revenue to offset costs in ways that grid-reliant miners simply cannot.
According to Fred Thiel, "We're proud of our transformation, but we're far from done." This statement highlights MARA's commitment to continuous improvement and innovation as it accelerates its transformation into a vertically-integrated energy and technology solutions provider."
