- Bitcoin mining giant Marathon Digital Holdings Ltd. has released its second-quarter earnings report for 2023.
- Based in Las Vegas, Marathon saw its net loss decrease from $212.6 million or $1.94 per share in the same period last year to $19.13 million or 13 cents per share.
- Since the ban on cryptocurrency mining in China in May 2021, Marathon has become one of the fastest-growing mining companies in the United States.
Bitcoin mining giant Marathon Digital has released its 2nd quarter earnings report; Company’s revenues fell below analysts’ expectations.
Marathon Digital Releases 2nd Quarter Earnings
Bitcoin mining giant Marathon Digital Holdings Ltd. has released its second-quarter earnings report. The Bitcoin miner reported an increase in revenue and a decrease in losses. Amidst the rise in Bitcoin prices this year, Marathon Digital increased its BTC sales and thus profited from the upward trend.
Based in Las Vegas, Marathon saw its net loss decrease from $212.6 million or $1.94 per share in the same period last year to $19.13 million or 13 cents per share. According to a Bloomberg survey, revenue reached $81.8 million, more than tripled, although it fell below analysts’ expectations of $83.45 million. The company was also affected by the actions of the SEC.
As mentioned, Marathon Digital has been selling its BTC assets since the beginning of the year to balance operating costs. In the second quarter, the Bitcoin mining giant sold a total of 1,800 units, resulting in a net income of $17.6 million. As of June 30, Marathon has a total of 12,538 Bitcoins and over 150,000 mining devices.
Marathon Digital (MARA) stock price rose by 4.31% to $15.72 on Tuesday, August 8. While MARA shares have already recorded a 350% increase since the beginning of 2023, Bitcoin has increased by 80% during the same period.
Marathon Digital Expanding Bitcoin Mining Facilities
Since the ban on cryptocurrency mining in China in May 2021, Marathon has become one of the fastest-growing mining companies in the United States. They have significantly increased their computing power and raised a lot of money through share sales and loans. In addition to operating in different regions of the United States such as North Dakota and Texas, they are also working on Bitcoin mining facilities in Abu Dhabi.
Despite low Bitcoin prices, energy costs have been high. However, Marathon and other companies have chosen to expand even in difficult times. The market downturn and rising electricity costs have made it more challenging to make money from mining.
Miners are striving to improve by acquiring new and more efficient machines. This is important because in 2024, miners will undergo a significant change in how much they earn, so they want to be prepared. In 2024, the Bitcoin network will experience the long-awaited halving event. This will halve miner rewards, reducing them from the current 6.25 to 3.125.
