Marathon Digital Losses Close to 200M in Q2, Mines More Bitcoin

Leading cryptocurrency miner, Marathon Digital Holdings Inc, has reported a net loss of $191.6 million (or $1.75 per share).

The firm reported producing 707 Bitcoin in Q2 2022, a 44% decline from the previous quarter.

In Q1 2022, the company produced nearly 1,259 Bitcoin.

The quarterly production drop is primarily attributed to the prolonged energization delays in Texas and weather-related issues in Montana.

Shares of Marathon are up 1.84% to $14.43 post trading, according to data from Nasdaq.

The stock has lost nearly 59.20% of its value this year.

Despite its fall in revenues, Marathon continues to hold most of its Bitcoin holdings.

The total Bitcoin holdings of Marathon increased to 10,055 BTC (including the newly-mined 707 Bitcoin this quarter) as of June 30, 2022.

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