- Bitcoin miner Marathon Digital has reported financial results for Q2 2023.
- The firm reported an increase in hash rate, a reduction in net loss and asset impairment losses.
- At the same time, the firm’s revenue also came in lower than projected.
Bitcoin miner Marathon Digital has reported financial results for Q2 2023. The company generated $81.8 million in revenue, slightly below projections.
But it was significantly higher than the firm’s revenue of $24.9 million for the same period in 2022. Miner saw a 314% increase in bitcoin production. And that offset a 14% decline in the asset price, the report said.
The company reported a net loss of $21.3 million – $0.13 per share. This exceeds the expected value of $0.06. However, in Q2 2022, the figure was over $212 million.
Miner realized 63% of the bitcoins mined, which brought in $23.4 million. The revenue loss due to asset impairment was $8.4 million, significantly less than in 2022.
“After a spurt in Q1, we built on that progress by ramping up production capacity,” said Marathon Digital CEO Fred Thiel.
The company’s hash rate did increase, from 11.5 to 17.5 EH/s. As a reminder, in March 2023, the firm set a record for the most bitcoins mined.
Since the beginning of the year, Marathon Digital’s stock has risen in value from $3.4 to $15, according to data compiled by Bloomberg:
We previously reported that the company had come under the SEC’s radar. In May, the firm received another subpoena from the regulator.
The firm has received another subpoena from the regulator.