Marathon Mines report 2,926 bitcoins as income increases


Marathon’s CEO called the company’s midyear hash rate goal of 23 EH/s “imminent” following the completion of its most recent miner installations.

Marathon Digital has put in place the necessary gear to achieve its ambitious hash rate goal, and the bitcoin mining company’s financial situation has stabilised in the second quarter.

The publicly listed US firm planned to have a hash rate of 23 EH/s by the year’s halfway point. At Tuesday’s earnings conference, officials from Marathon Digital said that the company’s hash rate had increased by 54% during the second quarter, from 11.5 EH/s to 17.7 EH/s.

Marathon’s planned 23 EH/s installed hash rate was achieved after July and early August deployments at its Garden City, Texas location. According to a statement released by Marathon CEO Fred Thiel, the start of operations for these newly installed miners is “imminent.”

Thiel added on the call that despite the company’s lack of an announcement on expansion beyond 23 exahashes, it intends to keep expanding and being at the forefront of the industry.

From April to June, Marathon mined 2,926 BTC, an all-time high and a 33% increase over the first quarter’s 2,195 BTC. The BTC amount for the second quarter was equivalent to around 3.3% of all Bitcoin network incentives for that quarter.

On Tuesday, shares of the business finished at $15.72, an increase of 4.3% from the opening price. As of 6 p.m. ET, the after-hours trading price of the stock had fallen by approximately 2%.

For the quarter, Marathon sold 63% of its BTC production, bringing in $23.4 million in revenue. However, the company’s net loss increased to $21.3 million from April through June, from around $7 million in the previous quarter. Both numbers are significant increases above Marathon’s second-quarter 2022 net loss of $212.6 million.

Also Read: The Federal Reserve plans to increase its monitoring of banks’ crypto-related activity

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