Last Updated on September 25, 2022 by Bitfinsider

Marathon Digital Registers Losses of $127.6 Million

Marathon Digital, one of the largest publicly traded Bitcoin mining companies, has released its financial results for the second quarter of 2022. The company reported a $127.6 million impairment due to the drop in bitcoin prices in its most recent earnings call. However, the company produced 707 bitcoin during the period, which is 8% more than what the company produced during the same period last year.

However, when compared to the 1,259 bitcoin produced by the company in the previous quarter, these 707 bitcoin represent a 44% decrease.

The company held 10,055 bitcoin directly as of June 30.

The company, which faced a slew of issues in the previous quarter, is working to improve its situation in the near future. Thiel stated that the Texas facility’s energization issues have already been resolved, and that 40,000 miners out of the 68,000 in the facility are already activated and being energized, ready to produce bitcoin in Q3, increasing the company’s capacity.

Thiel also mentioned Marathon’s recent agreement to increase its power capacity to 254 MW, which will be required to meet the goal of having 23.3 EH/s (exahash per second) of bitcoin mining capacity by 2023. In order to improve efficiency, the company is also reviewing and replacing a portion of its mining fleet.

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