- This year’s second quarter had a net loss of $199.7 million for Marathon.
- Compared to the same time in 2023, second quarter output of 2,058 BTC was down 30%.
Unexpected equipment failure and the bitcoin halving event in April were the key factors that affected Marathon Digital’s operations, leading to larger losses in the second quarter of this year.
This year’s second quarter had a net loss of $199.7 million for Marathon, which was renamed as MARA not long ago. Last year, during the same time, the company lost $9 million. Company revenues increased 78% year over year in the second quarter, reaching $145.1 million.
Shares of MARA fell 7.78% in Thursday’s Nasdaq trading, as reported by Google Finance. So far this year, its share price has declined by 20.89%.
Affected by Multiple Factors
According to a statement released by Fred Thiel, chairman and chief executive officer of MARA, unexpected breakdowns in equipment and transmission line maintenance at the Ellendale site operated by Applied Digital, a spike in the global hash rate, and the April halving event all had an impact on its Bitcoin production during the Q2 of 2024.
Thiel did mention that the company’s installed hash rate hit a record high of 31.5 EH/s in the second quarter and that they are targeting 50 EH/s by the end of the year.
Compared to the same time in 2023, Marathon’s second quarter output of 2,058 bitcoin was down 30%. Since the bitcoin halving in April, which cut miner incentives in half, several Bitcoin mining companies have sought to increase profits and mining capacity. In its Thursday announcement, Marathon revealed that it had funded operational expenses by selling 51% of the BTC it mined during the quarter.
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