2024

Bitcoin

Million

Read

<p><strong>Key Points:</strong></p>   
<ul class="wp-block-list">
  
 <li><em>Marathon Digital quarterly net loss reached $199 million, missing revenue estimates due to operational issues and the Bitcoin halving.</em></li>   
 <li><em>The company's Bitcoin output fell 30% to 2,058 BTC amid equipment failures and increased global hash rates.</em></li> 
</ul>   
<h5 class="wp-block-heading">Marathon Digital <a href="https://ir.mara.com/investors/news-events/press-releases/detail/1364/mara-reports-second-quarter-2024-results" target="_blank" rel="noreferrer noopener">reported</a> a huge loss for the second quarter of 2024 due to operational challenges and the recent halving of Bitcoin.</h5>   
<figure class="wp-block-image aligncenter size-large">
 <a href="https://coincu.com/wp-content/uploads/2024/08/On-Black-10-1024x576.jpg"><img src="https://coincu.com/wp-content/uploads/2024/08/On-Black-10-1024x576.jpg" alt="Marathon Digital Quarterly Losses Soar With 20,000 BTC In Balance" class="wp-image-270294"></a>
 <figcaption class="wp-element-caption"> 
 </figcaption>
</figure>   
<p class="has-background" style="background-color:#222222">Read more:<a href="https://coincu.com/242737-revolut-paused-some-crypto-services-by-fca/" target="_blank" rel="noreferrer noopener"> </a><a href="https://coincu.com/250562-marathon-gears-up-for-halving-with-machines-87m/" target="_blank" rel="noreferrer noopener">Marathon Gears Up For Halving With New Machines Worth $87M</a></p>   
<h2 class="wp-block-heading" id="marathon-digital-quarterly-loss-was-199-million">Marathon Digital Quarterly Loss Was $199 Million</h2>   
<p>The Marathon Digital quarterly revenue came in at $145.1 million, missing the FactSet estimate of $157.9 million. Those results were hampered by equipment failures and maintenance issues at its Ellendale site, as well as a significant drop in Bitcoin production. It is reported that CEO <a href="https://coincu.com/254428-marathon-ceo-bitcoin-halving-event/" target="_blank" rel="noreferrer noopener">Fred Thiel</a> said that these headwinds, like an increased global hash rate and a halving event this April, added further burden.</p>   
<p>Even at an all-time high mining power of 31.5 exahash per second, Bitcoin production for <a href="https://coincu.com/238446-marathon-digital-two-bitcoin-farms-in-178-6m/" target="_blank" rel="noreferrer noopener">Marathon</a> slid 30% to 2,058 BTC from 2,926 BTC year-over-year. Reduced production contributed to a net loss of $199 million, or $0.72 per diluted share, compared with a $9 million loss in Q2 2023. The adjusted EBITDA swung into a loss of $85.1 million from a gain of $35.8 million a year earlier.</p>   
<h2 class="wp-block-heading" id="company-shifts-strategy-boosts-bitcoin-holdings-to-over-20-000-btc">Company Shifts Strategy, Boosts Bitcoin Holdings to Over 20,000 BTC</h2>   
<p>Following operational strains that squeezed the company, Marathon sold 51% of its mined Bitcoin to cover the costs. This strategy, however, was shifted. Just recently, $100 million worth of Bitcoin were <a href="https://coincu.com/269307-marathon-digital-bitcoin-purchase-100m-20000-btc/" target="_blank" rel="noreferrer noopener">acquired</a> by the company, pushing its reserves above 20,000 BTC.</p>   
<p>Marathon Digital quarterly results follow a miss in Q1, where revenues surged 223% to $165.2 million but still fell short of estimates. The ongoing impact of the halving and rising global hash rates continues challenging the mining industry.</p>   
<figure class="wp-block-table">
 <table class="has-luminous-vivid-orange-color has-text-color has-link-color">
  <tbody>
   <tr>
    <td><em><strong>DISCLAIMER</strong>:&nbsp;The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></td>
   </tr>
  </tbody>
 </table>
</figure>

Marathon Digital Quarterly Losses Soar With 20,000 BTC In Balance

Table of Contents

Coincu

Other articles published on Aug 2, 2024

July’s Record-Breaking Crypto Thefts: WazirX Suffers $230M Breach

DeFi protocol removed an important line of code that led to a $212K hack

Global Giants Offer BTC ETF

Kamala Harris' Rising Election Odds vs. KAMA Coin Decline

Ethereum (ETH) to reach supply record by year-end

Coinbase’s Q2 Revenue Dips 11% in at $1.45B Over Previous Quarter

Join our free newsletter for daily crypto updates!