Marathon Digital Reports $81.8 Million Revenue in Q2 2023
Marathon Digital, one of the largest Bitcoin miners, has announced a net loss of $21.3 million for the second quarter of the year. However, the company generated significant revenue, reaching $81.8 million during the same period.
Key Points:
- Marathon Digital earned $81.8 million in revenue during Q2 2023, a significant increase from $24.9 million in the same quarter last year.
- Despite a 14% decrease in the average BTC price, the company produced 314% more Bitcoin due to expanded facilities.
- The miner sold 63% of the BTC it mined, generating $23.4 million in proceeds.
- Marathon Digital’s energized hash rate increased by 54% in Q2, resulting in a record production of 2,926 Bitcoin.
- The company added more mining rig installations, reaching its target of 23 exahash of hash rate.
Despite the positive revenue growth, Marathon Digital still reported a net loss of $21.3 million for the quarter. The CEO, Fred Thiel, stated that the company has continued to expand its facilities and added more mining rigs in July and August.
Hot Take: Marathon Digital’s strong Q2 performance showcases the benefits of expanding mining facilities and increasing hash rate. Despite the net loss, the company’s revenue growth reflects the overall profitability of Bitcoin mining in 2023.
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