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 <p class="is-style-lead">Mining company Marathon Digital Holdings recently disclosed its financial performance for the second quarter of 2023.</p> 
 <p>The report showcased minimal advancements across various critical indicators, although the company did not fully meet specific market forecasts.</p> 
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    <p lang="en" dir="ltr">Marathon's Q2 2023 Financial Results are here: <br>– Revenues: $81.8 Million<br>– #Bitcoin Production: 2,926 BTC<br>– Adjusted EBITDA: $25.6 Million<br><br>Learn more: https://t.co/3AXkdn7G6z$MARA</p>— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) August 8, 2023 
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 <p>For the quarter that concluded on June 30, 2023, Marathon reported a net loss of $21.3 million, equivalent to $0.13 per share.</p> 
 <p>This marked a substantial improvement compared to the previous year’s period, with a net loss of $212.6 million, or $1.94 per share.&nbsp;</p> 
 <p>Marathon’s quarterly revenues were $81.8 million, higher than the second quarter of 2022 when revenues amounted to $24.9 million. This can be attributed to the 314% increase in Bitcoin (BTC) production, which compensated for a 14% decline in average BTC prices during the current year.</p> 
 <p>The company attained gains amounting to $23.4 million from the sale of Bitcoin during the quarter. The proceeds from selling 63% of the Bitcoin produced were used to cover operational costs.&nbsp;</p> 
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Marathon mined 21% less bitcoin in June partly due to bad weather in Texas 
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 <p>Moreover, Marathon benefited from reduced impairment in the carrying value of digital assets. It amounted to $8.4 million, driven by the upward trend in Bitcoin prices during 2023.</p> 
 <p>Marathon’s adjusted EBITDA for the current year’s second quarter is another turnaround, at $25.6 million compared to a loss of $167.1 million in the previous year. This shift in earnings was underpinned by increased gains, reduced impairment, and improved margins.</p> 
 <p>Fred Thiel, Marathon’s chairman and CEO, pointed out Marathon’s enhanced financial position. He cited the company’s $113.7 million in unrestricted cash and cash equivalents at the quarter’s end, coupled with its growing Bitcoin holdings.</p> 
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Marathon Digital Holdings mined $33.8 million of bitcoin in May 
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Marathon Digital discloses $21.3m in losses in Q2

TheBitTimes

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