Cost ManagementMARA's cost of power and all-in hash cost remains a near term problem, though it should be alleviated from expansion and installation of S21 and S21 Pro machines, in addition to fully taking over recent infrastructure acquisitions.
Financial Performance4Q23 results were strong from an uptime and BTC production standpoint but weak from a cost and margin perspective, resulting in pro forma Adj. EBITDA of $61M that missed estimates.
Operational ChallengesMarathon Digital reported below consensus results due to poor uptime driven by a number of problems including blown transformer, utility line maintenance, and weather.