- Marathon Digital's Q1 revenue fell short of expectations due to operational difficulties, mining 2,811 BTC valued at $176 million, a 34% decrease from the previous quarter.
- Despite operational challenges, Marathon Digital saw an increase in profits, reaching $337.2 million, an 184% increase from the previous year.
According to a report, Marathon Digital (MARA), a major Bitcoin mining company, fell short of expected first-quarter revenue due to operational difficulties encountered during the quarter.
The company mined 2,811 BTC, valued at approximately $176 million at current rates, in the first quarter of this year, a 34% decrease from the previous quarter.
“Bitcoin production, and therefore revenues, generated during the quarter was negatively impacted by unexpected equipment failures, transmission line maintenance, and higher than anticipated weather-related curtailments at Garden City and other sites during the quarter,” the company said in a statement on Thursday.
However, there’s another report that suggests that as the price of Bitcoin reached an all-time high during the same period, Marathon Digital also saw a significant increase in profits, reaching $337.2 million, marking an 184% increase compared to the same period the previous year. Revenues also surged to $165.2 million, a 223% gain from the first quarter of 2023.
Additionally, the report also states that Marathon Digital reportedly sold 26% of the Bitcoin it mined during the quarter to cover operating expenses. The company's $1.6 billion capital reserves comprise cash, cash equivalents, and bitcoin.
Edited by Harshajit Sarmah
