Crypto mining firm Marathon Digital missed earnings and revenue expectations with its second-quarter 2023 results.

Marathon’s Q2 2023 results on Aug. 8 reported revenues of $81.8 million compared to Zacks Investment Research’s estimate of $83.2 million.

The crypto miner reported a earnings per share net loss of 13 cents compared to Zacks’ estimate of a 3 cents per share loss

Despite missing revenue projections, the mining firm increased its revenue by 228% compared to the second quarter of 2022.

The stronger quarter took Marathon’s 2023 revenue to $132.8 million over the first two quarters, up 73.3% from the first half of 2022.

The mining firm partly attributed its revenue increase to producing an average of 32 Bitcoin (BTC) per day — a 314% increase in production compared to the second quarter last year.

June was the toughest month of the second quarter for Marathon, with its BTC production falling 21% from May. The firm attributed the drop to poor weather conditions at its Texas facility.

Marathon’s share price largely remained sideways after market close, recording a 1.65% drop in after-hours trading to around $15.50 per share according to Google Finance.

Go to Source to See Full Article
Author: Jesse Coghlan

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details