Bitcoin miner MARA Holdings posted record-breaking earnings for Q4 2024, with revenue climbing 37% to $214.4 million and full-year revenue surging 69% to $656.4 million. According to its Feb. 27 Q4 2024 Shareholder Letter, MARA earned a net income of $528.3 million, a 248% rise year-over-year. Setting an industry standard, adjusted EBITDA, a profitability metric that does not include non-operational expenses like taxes and interest, rose 207% to $794.4 million. MARA mined 2,492 Bitcoin ( BTC ) in Q4, a 25% increase in total blocks won year-over-year, even though the April 2024 Bitcoin halving event cut block rewards in half. The company managed to capitalize on the spike in the price of Bitcoin, adding $119.9 million in earnings despite experiencing revenue reduction from lower output. MARA has become the second-largest corporate Bitcoin holder after its holdings increased 197% to 44,893 BTC, currently worth over $4.6 billion. Additionally, MARA has increased its energy infrastructure, securing 1.2 gigawatts of power at prices that are 28% less than the industry average. You might also like: Bitcoin plunges below $85K, crypto market tumbles amid Trump tariff concerns To lessen its reliance on third-party facilities, the company has expanded the percentage of its data centers from 0 to 70% since early 2024. It also deployed 136 megawatts of power capacity and launched a 25-megawatt micro data center project at wellheads in Texas and North Dakota. MARA’s hash rate, which is a measure of mining power, increased by 115% annually to 53.2 exahashes per second, making it one of the biggest Bitcoin miners. MARA’s direct mining cost per Bitcoin, however, went up from $23,000 to $28,801 per year in Q4 due to a 70% increase in energy expenditures to $127.4 million. To diversify its revenue sources, MARA plans to use its energy assets to venture into AI and data infrastructure. Read more: SEC drops Gemini case, Cameron Winklevoss slams regulatory ‘war on crypto’