Marathon Digital Lost $687 Million In 2022, Q4 Revenue down 58%

• Bitcoin miner Marathon Digital posted a nonaccomplishment of $687 cardinal for the twelvemonth 2022. 
• The firm’s fourth-quarter gross fell by 58% to conscionable $28.4 million. 
• The Bitcoin miner’s Q4 gross was projected to beryllium $38.4 million. 
• A Q4 impairment complaint and a diminution successful the worth of integer assets were identified arsenic large factors for the monolithic loss. 

Crypto mining elephantine Marathon Digital Holdings mislaid implicit fractional a cardinal dollars successful 2022. The Bitcoin mining steadfast precocious released its net study for the 4th fourth of 2022 arsenic good arsenic the fiscal year. The study revealed a nonaccomplishment of $687 cardinal for the twelvemonth ended 31 December 2022. The fig represented a whopping 1756% summation successful Marathon Digital’s nonaccomplishment compared to 2021, during which the bitcoin miner posted a nonaccomplishment of $37 million. 

Marathon Digital’s Q4 net fell by 58%

According to the earnings report released by Marathon Digital, the gross for the 4th fourth of 2022 fell by 58% to $28.4 million. The Bitcoin mining firm’s Q4 gross projections were adjacent to $38 million, per information gathered by FactSet. As for the yearly figures, a gross of $117.8 cardinal was reported, marking a diminution of 26%.

The institution attributed the monolithic nonaccomplishment to an impairment complaint related to the carrying worth of mining rigs and advances to vendors of $332.9 million, which occurred successful the 4th quarter. An further $317.6 cardinal was attributed to declines successful the carrying worth of the Bitcoin miner’s integer assets. 

Despite the operational progress, our fiscal show was negatively impacted by respective factors successful 2022, including accelerated costs related to our exit from Hardin, the Compute North bankruptcy, and astir significantly, a 64% diminution successful the terms of Bitcoin that reduced our borderline and resulted successful impairment charges for our bitcoin holdings.”

Interestingly, not each Q4 figures were arsenic discouraging arsenic the company’s revenue. Marathon Digital’s Bitcoin accumulation successful the past 4th of 2022 went up by 42% to a grounds 1562 BTC. A full of 4144 Bitcoins were mined passim 2022. The net study had a subtle interaction connected the firm’s stock price. The banal is presently trading astatine $7.89.