Marathon Digital Holdings Inc. (NASDAQ: MARA), a leading cryptocurrency mining company, has reported a net loss of $191.6 million (or $1.75 per share) as its Bitcoin production slumps.
The firm reported producing 707 Bitcoin in Q2 2022, a 44% decline from the previous quarter. In Q1 2022, the company produced nearly 1,259 Bitcoin.
The quarterly production drop is primarily attributed to the prolonged energization delays in Texas and weather-related issues in Montana.
Still, Marathon produced 2,038 Bitcoin year-to-date, a 58% increase over the same period the previous year despite this quarter’s steep decline.
“Energization delays, maintenance and weather issues in Montana, and an approximately 56% decline in the price of bitcoin during the quarter, severely impacted our bitcoin production and financial results,” said Marathon’s CEO Fred Thiel.
However, the production is expected to improve this quarter. Recently, mining farms in Texas had become operational after securing a...
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