Bitcoin Mining Giants Marathon Digital and Cipher Mining Release Revenue Reports
Bitcoin mining giant Marathon Digital has released its second quarterly earnings report, revealing revenues of $81.8 million for the three-month period. While this fell slightly short of analyst estimations, Marathon recorded a record 314% increase in Bitcoin production, mining 2,926 Bitcoin during the quarter.
Main Key Points:
- Marathon Digital’s revenue of $81.8 million fell slightly short of analyst estimations of $83.5 million.
- The company recorded a net loss of $21.3 million during the three months.
- Marathon’s Bitcoin production increased by 314% compared to the same quarter in 2022.
- The firm’s hash rate increased by 54% to 17.7 exahashes.
- Marathon exited the quarter with approximately 12,538 Bitcoin worth $380 million.
Marathon’s stock price remained flat at $15.36 during after-hours trading. Despite this, Marathon’s share prices have increased by 350% since the beginning of the year.
Cipher Mining Misses Analyst Estimates, Stock Price Surges
Cipher Mining also missed analyst estimates with its earnings report, posting revenues of $31.22 million for the quarter. However, Cipher’s stock price gained 11% to reach $3.72 in after-hours trading. Cipher shares have seen a significant increase of 480% since the beginning of 2023.
Hot Take:
The revenue reports from Marathon Digital and Cipher Mining highlight the growing profitability of Bitcoin mining companies. Despite falling short of analyst expectations, both companies have seen substantial increases in Bitcoin production. This demonstrates the importance of scaling up hash power and investing in efficient mining hardware in the competitive Bitcoin mining industry.
By
By
By
By
By