Marathon Digital’s BTC production slumps 51% in Q3; Revenue takes further hit from falling BTC price

Bitcoin (BTC) mining firm Marathon Digital Holdings’ (NASDAQ:MARA) earnings report for Q3 2022 reveals that the corporate’s manufacturing fell 51% to 616 Bitcoins from 1,252 Bitcoins in Q3 2021.

The corporate additionally recorded $12.7 million in income, versus the $51.7 million within the prior-year quarter.

Marathon stated the decline primarily resulted from decrease revenues as a consequence of reducing Bitcoin costs. The corporate additionally shut down its Hardin facility in Montana and confronted delays in beginning up the King Mountain facility in McCamey, Texas, which decreased manufacturing additional.

The mining firm recorded a internet lack of $75.4 million, or $0.65 per share, throughout Q3 2022. In Q3 2021, these numbers have been $22.2 million and $0.22, respectively.

Furthermore, Marathon additionally famous that it confronted an impairment cost associated to the Compute North chapter, and former authorized settlements.

Marathon’s CEO Fred Thiel stated that Q3 2022 was a interval of transition for the corporate. He stated:

“The third quarter of 2022 was a transition and rebuilding interval at Marathon, throughout which we absolutely exited the Hardin facility in Montana and started energizing servers at new areas, most notably the 280-megawatt information heart that resides behind the meter on the King Mountain wind farm in McCamey, Texas,”

He additionally added that Marathon will proceed rising its hash price within the upcoming quarters. In response to Thiel, Marathon goals to achieve round 9.0 exahashes per second (EH/s)by the year-end, and 23 EH/s in mid-2023.

Marathon stated it has round 69,000 energetic miners which are producing about 7 EH/s. This quantity elevated from 25.272 miners in Q3 2021, which produced round 2.7 EH/s.

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