• Fri. Sep 29th, 2023



Marathon loss in the second quarter exceeded $ 190 million


Dec 28, 2022

Marathon loss in the second quarter exceeded $ 190 million

The American mining company Marathon Digital Holdings recorded in the second quarter a clean loss of $ 191.6 million against $ 13 million in January-March.

The company explained the growth of losses by ~ 1374% of the quarter to the quarter of the following reasons:

    due to the delay in connecting the Compute North in Texas and damage to the power station with a ustean power plant, which feeds the Date Center in Montana;

  • a decrease in digital gold quotes, which influenced mining’s profitability;
  • revaluation of cryptocurrency reserves, which on June 30 reached 10 055 BTC;
  • increasing expenses for accelerated relaying miners from an object in Hardin (Montana).

The company partially compensated for the latter, according to CEO Marathon Fredhon by the sale of equipment.

At the end of the quarter on the balance sheet of the company was $ 86.5 million.

Til noted that already in July, Marathon began to connect the devices installed at the facility in Texas, after receiving the necessary power plants with a winding power station. The company deployed 40,000 miners from the planned 68,000 at the enterprise.

According to Tilya, this will allow Marathon to increase the production of bitcoin and in the future increase computing power to 23.3 EH/S.

“We are in the process of modernizing our park. So by the time we reach 23.3 EH/S, it is expected that ~ 66% hashrate will be generated by miners [antminer] S19 XP, which are 30% more energy efficient than the previous generation devices, ”the head of the company said.

Recall that in August Marathon agreed to open a renewable credit line $ 100 million from Silvergate Capital https://gagarin.news/news/sec-warns-of-crypto-earnings-that-are-too-good-to-be-true/ on security of bitcoin.

Previously, the company confirmed the commitment of a long -term accumulation of reserves in the first cryptocurrency.

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