Digital asset mining company Marathon Digital Holdings (NASDAQ:MARA) reported fourth-quarter financial results Wednesday after the market close.

What Happened: Marathon Digital reported fourth-quarter revenue of $156.8 million, which was up 452% year-over-year. The revenue total beat a Street consensus estimate of $144.1 million, according to data from Benzinga Pro.

The company reported a loss of 2 cents per share in the fourth quarter, which missed a Street consensus estimate of a profit of 3 cents per share.

In the fourth quarter, Marathon produced 4,242 Bitcoin (CRYPTO: BTC), which was up 172% year-over-year. The company produced an average of 46.1 Bitcoin per day in the fourth quarter.

For the full fiscal year, Marathon posted revenue of $387.5 million, which was up 229% year-over-year.

The company produced a total of 12,852 Bitcoin in 2023, which was up 210% year-over-year and a company record. The company sold 74% of the Bitcoin it produced in 2023 to help fund operating costs.

Marathon's energized hash rate was 24.7 EH/s in 2023, an increase of 253% year-over-year.

"2023 was a record-breaking year for Marathon, during which we achieved our primary objectives of energizing our fleet of previously purchased mining rigs and optimizing our performance," Marathon CEO Fred Thiel said.

The company ended the fiscal year with 15,126 Bitcoin on its balance sheet.

What's Next: Marathon said it plans to grow its hash rate in 2024 to a range of 35 to 37 EH/s. By 2025, the company plans to be at 50 EH/s, which would double current capacity.

"Today Marathon is one of the largest Bitcoin miners in North America, and whether it be financially, operationally, or technologically, we believe we are setting the pace for this industry," Thiel said.

"We are optimistic that the most exciting times for our organization are still to come."

Marathon Digital also revealed its new, multichain layer-two network on Bitcoin called Anduro. The company said the introduction is to help encourage Bitcoin development and adoption.

Anduro will allow for the creation of multiple sidechains on the Bitcoin network, according to the company. Marathon helped incubate the network, but said it plans on Anduro being community-led and having a decentralized governance.

"As the largest publicly traded Bitcoin miner working to process Bitcoin transactions and secure the network, Marathon has a vested interest in supporting innovation on the Bitcoin ecosystem, which includes incubating projects like Anduro," Thiel said.

MARA Price Action: Marathon shares are down 6% to $28.90 in after-hours trading Wednesday versus a 52-week trading range of $5.13 to $32.87.