In the last three months, Marathon Digital sold 1,800 Bitcoins to get $17 million to cover their expenses.
On August 8th, Bitcoin mining company Marathon Digital Holdings Ltd. (traded on NASDAQ as MARA) announced its earnings for the second quarter of 2023. They made more money and had fewer losses.
Because the price of Bitcoin went up this year, Marathon Digital sold more BTC and made a profit. Their headquarters is in Las Vegas. They had a smaller net loss of $19.13 million, which is 13 cents per share. Last year, during the same time, their loss was $212.6 million or $1.94 per share.
They also made more money, with their revenue going up to $81.8 million, which is more than three times what they made before. But this was a bit lower than what experts expected ($83.45 million, as per a survey by Bloomberg). The company also faced some issues because of the actions of the SEC.
Since the year started, Marathon Digital has been selling some of its Bitcoin to pay for its operations. In the second quarter, they sold 1,800 Bitcoins and got $17.6 million from it. By June 30, they had 12,538 Bitcoins and more than 150,000 mining machines working.
On Tuesday, August 8, the price of Marathon Digital’s stock (MARA) went up by 4.31%, reaching $15.72. Since the start of 2023, the stock’s price went up by 350%, while the price of Bitcoin went up by 80% in the same time.
Marathon Digital Growing Bitcoin Mining Operations
After China banned crypto mining in May 2021, Marathon has become one of the fastest-growing mining companies in the US. They got bigger by increasing their computing power and selling shares and getting loans. They’re not just in the US, but also in Abu Dhabi, where they’re building Bitcoin mining places.
Even though Bitcoin prices were low and power costs were high, Marathon and other companies decided to get bigger. This was tough because the market wasn’t good and electricity costs went up, making it harder to make money from mining.
Miners are trying hard to get better by using new, more efficient machines. This is important because in 2024, there will be a big change in how much miners earn. This change is called halving, and it will cut the rewards miners get in half, from 6.25 now to 3.125 after halving.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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