Despite the earnings miss, Marathon’s CEO said it mined a record 2,926 Bitcoin over the second quarter of 2023.
Crypto mining firm Marathon Digital missed earnings and revenue expectations with its second-quarter 2023 results.
Marathon’s Q2 2023 results on Aug. 8 reported revenues of $81.8 million compared to Zacks Investment Research’s estimate of $83.2 million.
The crypto miner reported a earnings per share net loss of 13 cents compared to Zacks’ estimate of a 3 cents per share loss
Despite missing revenue projections, the mining firm increased its revenue by 228% compared to the second quarter of 2022.
The stronger quarter took Marathon’s 2023 revenue to $132.8 million over the first two quarters, up 73.3% from the first half of 2022.
The mining firm partly attributed its revenue increase to producing an average of 32 Bitcoin (BTC) per day — a 314% increase in production compared to the second quarter last year.
June was the toughest month of the second quarter for Marathon, with its BTC production falling 21% from May. The firm attributed the drop to poor weather conditions at its Texas facility.
Marathon’s share price largely remained sideways after market close, recording a 1.65% drop in after-hours trading to around $15.50 per share according to Google Finance.
Marathon’s chairman and CEO Fred Thiel said in a press release that the firm significantly grew its hash rate and improved efficiency over the quarter.
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“In Q2, we grew our energized hash rate 54% from 11.5 to 17.7 exahashes,” Thiel reported. He added Marathon also increased its Bitcoin production with a record 2,926 Bitcoin mined during the quarter, representing around 3.3% of the network’s rewards over that time.
Marathon reported a $23.4 million gain due to selling 63% of the Bitcoin mined in the quarter, used to fund operating costs. Impairment charges on the value of its held digital assets were $8.4 million.
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Additional reporting by Brayden Lindrea.