Crypto.news - Mining company Marathon Digital Holdings recently disclosed its financial performance for the second quarter of 2023.
The report showcased minimal advancements across various critical indicators, although the company did not fully meet specific market forecasts.
For the quarter that concluded on June 30, 2023, Marathon reported a net loss of $21.3 million, equivalent to $0.13 per share.
This marked a substantial improvement compared to the previous year’s period, with a net loss of $212.6 million, or $1.94 per share.
Marathon’s quarterly revenues were $81.8 million, higher than the second quarter of 2022 when revenues amounted to $24.9 million. This can be attributed to the 314% increase in Bitcoin (BTC) production, which compensated for a 14% decline in average BTC prices during the current year.
The company attained gains amounting to $23.4 million from the sale of Bitcoin during the quarter. The proceeds from selling 63% of the Bitcoin produced were used to cover operational costs.
Moreover, Marathon benefited from reduced impairment in the carrying value of digital assets. It amounted to $8.4 million, driven by the upward trend in Bitcoin prices during 2023.
Marathon’s adjusted EBITDA for the current year’s second quarter is another turnaround, at $25.6 million compared to a loss of $167.1 million in the previous year. This shift in earnings was underpinned by increased gains, reduced impairment, and improved margins.
Fred Thiel, Marathon’s chairman and CEO, pointed out Marathon’s enhanced financial position. He cited the company’s $113.7 million in unrestricted cash and cash equivalents at the quarter’s end, coupled with its growing Bitcoin holdings.
This article was originally published on Crypto.news
