Marathon Digital Misses Q2 Earnings and Revenue Estimates

Marathon Digital (MARA), one of many largest bitcoin miners in North America, missed on each the highest and backside traces in its second-quarter earnings report on Tuesday. The miner reported an adjusted loss per share of $0.13 on revenues of $81.8 million in comparison with FactSet analyst estimates for a lack of $0.06 on revenues of $83.4 million.

Shares of Marathon had been roughly flat at $15.73 in after-hours buying and selling on Tuesday. Marathon shares are up virtually 360% this yr as the value of bitcoin has surged.

“After a powerful begin to the yr, we accelerated our progress within the second quarter by considerably rising our hash fee and bettering our effectivity,” mentioned Fred Thiel, Marathon’s chairman and CEO, in a press launch.

Marathon lately solidified its place because the world’s largest publicly traded bitcoin miner by self-mining hashrate, reporting 17.7 exahash per second (EH/s) of operational computing energy on the bitcoin community in June. It elevated its manufacturing of bitcoin in Could by the usage of proprietary software program.

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