Crypto mining company Marathon Digital announced its second-quarter 2023 results, revealing a record 2,926 Bitcoin mined during the quarter. Despite missing earnings and revenue expectations, Marathon’s CEO, Fred Thiel, expressed satisfaction with the company’s growth in hash rate and operational efficiency.
The Q2 2023 results showed revenues of $81.8 million, slightly below Zacks Investment Research’s estimate of $83.2 million. Moreover, Marathon reported a net loss of 13 cents per share, compared to the estimated loss of 3 cents per share. Consequently, the company’s stock experienced a 1.65% drop in after-hours trading, settling around $15.50 per share.
Fred Thiel highlighted Marathon’s achievement of increasing the energized hash rate by 54% during the quarter, reaching 17.7 exahashes. This significant growth in hash rate contributed to the record-breaking production of 2,926 Bitcoins, representing approximately 3.3% of the network’s rewards.
To cover its operational costs, Marathon sold 63% of the Bitcoin mined, resulting in a $23.4 million gain. However, the company also incurred impairment charges of $8.4 million on its held digital assets.
Although Marathon Digital’s earnings fell short of expectations, the substantial increase in Bitcoin production and hash rate growth indicate positive progress for the company. Marathon’s CEO expressed confidence in the company’s ability to continue expanding and improving its mining operations.
As developments in Marathon’s performance unfold, further information will be shared.