Marathon Digital Faces Operational Challenges and Lower Revenue in Q1



Bitcoin mining company Marathon Digital (MARA) reported lower-than-expected first-quarter revenue due to operational challenges. The company mined 2,811 bitcoin during the quarter, a 34% decrease from the previous quarter. Marathon attributed the decline to equipment failures, transmission line maintenance, and weather-related curtailments. Despite missing revenue expectations, the company reported earnings per share of $1.26, surpassing Wall Street estimates of $0.02. However, the earnings were not directly comparable due to the adoption of new accounting rules. Marathon remains optimistic about its future growth and plans to reach a hash rate of 50 exahash per second by 2024. The company's stock fell 1.5% in after-hours trading.

Sources :

- Coindesk

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