• Fri. Sep 29th, 2023



Marathon Digital reduced losses per quarter to $ 75.4 million


Sep 6, 2022

Marathon Digital reduced losses per quarter to $ 75.4 million

In the third quarter, the Marathon Digital Holdings mining company recorded a clean loss of $ 75.4 million against $ 191.6 million in April June.

Year by year, losses increased more than three times from $ 22.2 million. Among the main factors that negatively influenced income compared to the second quarter of 2021, Marathon called:

  • decrease in production and prices for bitcoin (minus $ 39 million);
  • the costs of relocation from the data center in Hardin, Montana ($ 20.8 million);
  • decrease in the balance cost of stored bitcoins ($ 5.9 million);
  • loss from the depreciation of investment in the bankrupt hosting provider Compute North ($ 39 million);
  • Previously announced reservation for payments by court decision ($ 25 million).

The companies partially managed to compensate for the indicators with a decrease in general and administrative expenses (minus $ 86.9 million) and revenue from sales of assets in connection with the departure from Hardin ($ 31.9 million).

For the third quarter, Marathon got 616 BTC – 51% less than a year earlier. Already in October, the company produced a record 615 BTC, increasing the hashReit by about 84%.

As of November 1, the company had a park of https://gagarin.news/news/what-is-a-vampire-attack/ about 69,000 miners generating 7 eh/s.

“The third quarter was a transition and the Marathon recovery period, during which we completely left the facility in Hardin and began to connect equipment in new places-primarily in the King Mountain Date Center with a capacity of 280 MW in Texas,” said the chairman and CEO of Fred CEO Fred Til.

He clarified that this enterprise is connected “by the meter” to the chickenpox in McCami.

“We believe that Marathon has a strong basis on which we can continue to increase hashrate. Our closest goal is to achieve about 9 EH/S by the end of the year, and we continue to strive for 23 EH/S by mid -2023, ”Til added.

The company’s shares for the trading session on November 8 fell by 5%, to the closing price of $ 9.96. After the publication of quarterly financial results at the post -market, quotes increased by about 2%.

Recall that in October, the total income of Bitcoin miners increased by 7% compared to the previous month – to $ 589.7 million, follows from the FORKLOG report. In September, the indicator collapsed by 19%.

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