Bitcoin Miner Marathon Digital Reports 223% Increase in Q1 Revenues, Misses Analyst Estimates

Bitcoin miner Marathon Digital reported its first-quarter 2024 results, revealing a 223% increase in revenues to $165.2 million. However, the company missed Wall Street analysts' revenue estimates by 14.80%. Marathon blamed bad weather and equipment failures for the shortfall. The company mined 2,811 BTC during the quarter, worth $176.7 million, a 28% increase from the previous year but a 34% decrease from the previous quarter. Marathon CEO Fred Thiel cited unexpected equipment failures and weather-related curtailments as the main challenges. Despite these setbacks, Thiel expressed confidence in the company's ability to reach its target of 50 exahashes per second (EH/s) by the end of the year. Marathon's first-quarter net income rose by 184% to $337.2 million, with earnings per share of $1.26. The company's income was boosted by new accounting rules that allowed it to record a $488.8 million paper gain on its BTC holdings. Marathon Digital's share price closed 2.19% down on May 9 and fell an additional 1% in after-hours trading. The stock is down 14.30% year-to-date.

Sources :

- CoinTelegraph