MARA third-quarter net income reached $634.4 million

On November 10, The Block reported that bitcoin miner MARA Holdings posted a net profit of $634.4 million for the third quarter, compared to $123.1 million in the same period last year; revenue fell 35% year-over-year to $164.2 million.

The report noted that the profit growth was primarily driven by the appreciation of bitcoin, with the company recording nearly $885 million in fair value gains on its digital assets and bitcoin receivables. Meanwhile, a 37% decline in block reward revenue weighed on mining revenue.