Bitcoin miner and publicly listed firm MARA (Nasdaq: MARA) said it registered a record-high revenue of $214.4 million in the fourth quarter of 2024, up 37% from $156.8 million in the fourth quarter of 2023. Overall, the miner’s revenues in 2024 rose by 69% to $656.4 million from $387.5 million in 2023.

In his fourth-quarter letter to shareholders, MARA CEO Fred Thiel said net income increased 248% to $528.3 million in the fourth quarter of 2024 from $151.8 million in the fourth quarter of 2023. Marathon’s record-breaking performance in the quarter came against the backdrop of a bitcoin (BTC) rally, which saw the top cryptocurrency asset surpass the $100,000 mark for the first time.

The rally helped offset the impact of the halving event on miners’ revenues. Besides BTC’s rally, MARA also bolstered its infrastructure, which culminated in a 25% increase in the number of blocks won in the fourth quarter to 703 from 562 in the fourth quarter of the previous year.

In the same quarter, the company mined 2,492 BTC and purchased 15,574 BTC using cash and proceeds from its zero-coupon convertible senior notes offerings. This helped bring MARA’s holdings at the end of 2024 to 44,893 BTC, a 197% increase.

Meanwhile, Thiel said while his company remains bullish on bitcoin, it continues to explore how it can emerge as a leader in the next major opportunity — artificial intelligence (AI). He claimed the AI industry is now entering its second wave, and MARA intends to capitalize on the opportunities that come with this.

“We believe the second wave of AI is moving to inference on the edge, where trained LLMs are deployed to process requests, generate responses and interact with users. Unlike training, which was concentrated in a few hyperscaled data centers, inference will require distributed, low-latency and energy-efficient infrastructure closer to end users,” Thiel wrote.

Looking ahead, Thiel said MARA has adopted a strategy of owning and operating energy generation assets. The aim is to optimize power consumption and provide services to data centers and AI operators. The miner said it will advocate for vertical integration and diversification beyond traditional bitcoin mining to survive and thrive.

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