Marathon Digital Holdings recorded a net loss of $21.3 million for the second quarter, despite its Bitcoin (BTC) production surging by over 300%, according to an Aug. 8 statement.
Earnings breakdown
Per the financial statement, the miner earned $81.8 million during the three months, slightly less than the $83.4 million estimated by market analysts. However, it is significantly higher than the $24.9 million it made during the second quarter of last year.
The miner continued that its BTC production soared by 314% to 2,926 BTC, offsetting the current year’s 14% lower average BTC prices. It added that it sold 63% of its mined BTC for a $23.4 million gain.
Source: Marathon Digital
Marathon CEO. Fred Thiel, discussing the company’s Q2 performance, stated that its financial position improved as it exited the quarter with $113.7 million in unrestricted cash and cash equivalents and approximately 12,538 Bitcoin, valued at $380 million as of June 30. Thiel said:
“In Q2, we grew our energiz
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