Marathon Digital Posts Negative Q2 Results, but Increases Bitcoin Production 8% YoY – Mining Bitcoin News

Marathon Digital, one the largest mining companies within the Bitcoin ecosystem has published its second quarter financial results. Even though it increased production by 8 percent compared with Q2 2021 the company still suffered an impairment of $127.6 millions due to falling bitcoin prices.

Marathon Digital Registers Illness of $127.6 Million

Marathon Digital, one the largest public Bitcoin mining firms, released financial results for the quarter ended February 2022. The company reported a negative result in the earnings call. It stated that it had suffered an impairment of $127.6 millions due to falling bitcoin prices. However, the company produced 707 bitcoin during the period, a number that is 8% higher than what the company produced during last year’s Q2.

These 707 bitcoins produced represent a 44% decrease in production compared with the 1,259 bitcoin the company produced during the previous quarter. Marathon’s CEO Fred Thiel attributed this fall to several energy problems that delayed the activation of miners in its Texas operation, and also to weather issues that affected the power generation process in the Montana facility.

Thiel was optimistic about the company’s recovery, even when it reported a loss of $191.6million. In a statement, he declared:

Given the groundwork we laid during the quarter and the progress we have made since, we are optimistic that Marathon’s operational and financial positioning is improving.

According to the June 30th report, 10,055 Bitcoin had been held by the company.


The Future Projections

The company has been dealing with numerous problems in its last quarter. It is now working to make things better. Thiel stated that Texas’s energization problems have been solved and that over 40,000 miners of the 68,000 in Texas are being activated. They are ready to generate bitcoin in Q3, increasing the company’s capacity.

Thiel also spoke of the Marathon deal to boost its power to 254MW. That will allow it to meet the 2023 goal of having 23.3EH/s (exahash per sec) bitcoin mining capability. To improve efficiency, the company is currently reviewing its mining fleet and replacing it with more efficient models.

Marathon’s CEO finished on a positive note, stating:

This gives us added assurance that our leadership position in supporting and protecting the Bitcoin ecosystem will continue to improve.

What do you think about Marathon Digital’s Q2 2022 financial results? Leave a comment below.

Sergio Goschenko

Sergio is a Venezuelan cryptocurrency journalist. His entry into the cryptocurrency world in December 2017 was when it saw a price surge, and he describes himself as being late to this game. He is a Venezuelan computer engineer with a background in social engineering and has been influenced by cryptocurrency’s boom on a personal level.

Image creditShutterstock.com – Pixabay. Wiki commons.

DisclaimerThe information contained in this article is intended to be informative. This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. Bitcoin.com doesn’t offer investment, tax or legal advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.

Get more Crypto News at CFX Magazine