Crypto Miner Marathon Increased Bitcoin Holdings Amid $191.6M Quarterly Losses
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. However, the production is expected to improve this quarter. Recently, mining farms in Texas had become operational after securing a highly-anticipated tax exemption status for wind farms (the power source), according to its financial report.
Source
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