Galaxy Digital’s net income climbed 40% in the first quarter of 2024, buoyed by record-breaking revenue from mining operations and management fees.
Galaxy Digital reported a robust first quarter in 2024, with net income climbing to $422 million, a 40% increase from the previous quarter. The surge was supported by record earnings in mining and management fees.
According to the company, its mining operations generated a record-breaking $31.5 million in revenue, representing a 69% rise from the previous quarter. The growth was primarily driven by its expansion of mining capacity, with its hash rate under management (HUM) reaching 5.7 exahash per second (EH/s).
During the quarter, Galaxy mined 373 Bitcoin (BTC) at an average cost of less than $19,500.
