{"id":22790,"date":"2023-08-08T22:18:07","date_gmt":"2023-08-08T22:18:07","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-miner-marathon-digital-reports-a-disappointing-q2\/"},"modified":"2023-08-08T22:18:07","modified_gmt":"2023-08-08T22:18:07","slug":"bitcoin-miner-marathon-digital-reports-a-disappointing-q2","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-miner-marathon-digital-reports-a-disappointing-q2\/","title":{"rendered":"Bitcoin miner Marathon Digital reports a disappointing Q2"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/08\/130485170_m_normal_none1-min-1-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/08\/130485170_m_normal_none1-min-1-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/08\/130485170_m_normal_none1-min-1-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/08\/130485170_m_normal_none1-min-1-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>Marathon Digital reports weaker-than-expected results for its fiscal Q2.<\/li>\n<li>CEO Fred Thiel was still positive in the press release on Tuesday.<\/li>\n<li>Marathon Digital stock is currently up more than 350% year-to-date.<\/li>\n<\/ul>\n<p>Shares of Marathon Digital Holdings Inc showed resilience in extended hours even though the <a href=\"https:\/\/coinjournal.net\/news\/tag\/bitcoin\/\">Bitcoin<\/a> miner reported disappointed financial results for the second quarter.<\/p>\n<h2>CEO Fred Thiel was still positive in the press release<\/h2>\n<p>The digital asset technology company lost 13 cents a share on an adjusted basis in its recently concluded quarter on $81.8 million in revenue.<\/p>\n<p>In comparison, analysts had called for a loss of 6 cents per share only and $83.4 million in revenue. Still, CEO Fred Thiel said in the <a href=\"https:\/\/www.globenewswire.com\/news-release\/2023\/08\/08\/2721192\/0\/en\/Marathon-Digital-Holdings-Reports-Second-Quarter-2023-Results.html\" target=\"_blank\" rel=\"noopener\">press release<\/a> today:<\/p>\n<blockquote>\n<p>After a strong start to the year, we accelerated our progress in the second quarter by significantly growing our hash rate and improving our efficiency.<\/p>\n<\/blockquote>\n<p>Shares of <a href=\"https:\/\/coinjournal.net\/news\/mara-stock-price-tests-key-resistance-is-marathon-digital-a-buy\/\">Marathon Digital Holdings<\/a> are up more than 350% year-to-date at writing.<\/p>\n<h2>Marathon Digital sold 63% of produced Bitcoin in Q2<\/h2>\n<p>Marathon Digital produced 2,926 Bitcoin in total in its second quarter and gained $23.4 million as it sold 63% of them to fund operating costs. According to the Chief Executive:<\/p>\n<blockquote>\n<p>We exited the quarter with $113.7 million in unrestricted cash and equivalents and 12,538 Bitcoin, the market value of which was approx. $380 million on June 30<sup>th<\/sup>.<\/p>\n<\/blockquote>\n<p>The miner also saw impairment charges narrow sharply to $8.4 million in its Q2.<\/p>\n<p>On Tuesday, Marathon Digital also confirmed in an <a href=\"https:\/\/ir.mara.com\/sec-filings\/all-sec-filings\/content\/0001493152-23-027172\/0001493152-23-027172.pdf\" target=\"_blank\" rel=\"noopener\">8-K filing<\/a> that it had to restate cash flow for Q1. Wall Street currently has a consensus \u201coverweight\u201d rating on the world\u2019s largest listed Bitcoin miner.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/bitcoin-miner-marathon-digital-q2-earnings-report\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Marathon Digital reports weaker-than-expected results for its fiscal Q2. CEO Fred Thiel was still positive in the press release on Tuesday. Marathon Digital stock is currently up more than 350% year-to-date. Shares of Marathon Digital Holdings Inc showed resilience in extended hours even [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":22791,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22790"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/30"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=22790"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22790\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/22791"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=22790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=22790"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=22790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}