Bitcoin mining company Mara Holdings reported a record profit of $123 million in Q3, benefiting from rising cryptocurrency prices and improved operational efficiency

Mara Holdings, a Bitcoin mining company, announced record earnings on Tuesday, with a third-quarter profit of $123 million, primarily driven by the increase in Bitcoin prices and improved operational efficiency, leading to a 92% revenue growth to $252 million. This performance marks a turnaround for the company, which had a loss of $125 million a year ago, showing significant improvement thanks to a 64% increase in hash rate and reduced electricity costs.

In the third quarter, the company mined 2,144 Bitcoins and currently holds 53,250 Bitcoins, valued at nearly $5.6 billion at current prices.