{"id":65546,"date":"2022-08-09T15:42:02","date_gmt":"2022-08-09T12:42:02","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=65546"},"modified":"2025-09-06T20:34:56","modified_gmt":"2025-09-06T17:34:56","slug":"marathons-q2-loss-exceeds-190-million","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/marathons-q2-loss-exceeds-190-million\/","title":{"rendered":"Marathon&#8217;s Q2 loss exceeds $190 million"},"content":{"rendered":"<p>American mining company Marathon Digital Holdings posted a net loss of $191.6 million in the second quarter, versus $13 million in January\u2013March.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24MARA&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$MARA<\/a>&#8216;s Q2 financial results and July 22 production update are out: <\/p>\n<p>\u2014 Energization commencing in West Texas<\/p>\n<p>\u2014 49,000 miners (c. 4.7 EH\/s) installed as of 7\/31 <\/p>\n<p>\u2014 Approx. 66% of 23.3 EH to be generated by S19 XPs <\/p>\n<p>\u2014 Total <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&#038;ref_src=twsrc%5Etfw\">#BTC<\/a> holdings = 10,127 <a href=\"https:\/\/twitter.com\/hashtag\/HODL?src=hash&#038;ref_src=twsrc%5Etfw\">#HODL<\/a><a href=\"https:\/\/t.co\/o1GOXxuotK\">https:\/\/t.co\/o1GOXxuotK<\/a><\/p>\n<p>\u2014 Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) <a href=\"https:\/\/twitter.com\/MarathonDH\/status\/1556734191060099073?ref_src=twsrc%5Etfw\">August 8, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The firm attributed the quarter-on-quarter rise in losses of about 1,374% to the following factors:<\/p>\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/u1f987.com\/en\/news\/marathon-cuts-bitcoin-mining-by-44\">a 44% drop in Bitcoin mining<\/a> due to delays connecting the Texas facility to the power grids of <a href=\"https:\/\/u1f987.com\/en\/news\/marathon-to-host-more-than-100000-bitcoin-miners-at-compute-north-facilities\">Compute North<\/a> in Texas and <a href=\"https:\/\/u1f987.com\/en\/news\/hurricane-knocks-out-75-of-marathons-mining-capacity\">a hurricane-damaged power plant<\/a> serving the data centre in Montana;<\/li>\n<li>a decline in the price of digital gold, which affected mining profitability;<\/li>\n<li>revaluation of cryptocurrency reserves, which as of June 30 reached 10,055 BTC;<\/li>\n<li>rising costs for the accelerated relocation of miners from the Hardin facility in Montana.<\/li>\n<\/ul>\n<p>Thiel noted that in July Marathon began connecting the devices installed at the Texas site, after the wind-powered plant obtained the necessary permissions. The company deployed 40,000 miners out of the planned 68,000.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abWe are in the process of upgrading our fleet. So by the time we reach 23.3 EH\/s, it is expected that ~66% of the hashrate will be generated by Antminer S19 XP miners, which are ~30% more energy-efficient than devices of the previous generation\u00bb, \u2014 said the head of the company.<\/p>\n<\/blockquote>\n<p>In August, Marathon agreed to open a <a href=\"https:\/\/forklog.news\/marathon-privlechet-100-mln-v-kredit-ot-silvergate-capital\/\">renewable credit line of $100 million<\/a> from Silvergate Capital backed by Bitcoin.<\/p>\n<p>Earlier the firm <a href=\"https:\/\/u1f987.com\/en\/news\/marathon-digital-reaffirms-commitment-to-bitcoin-accumulation-strategy\">confirmed its commitment<\/a> to a long-term strategy of accumulating reserves in the first cryptocurrency.<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news in our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>American mining company Marathon Digital Holdings posted a net loss of $191.6 million in the second quarter, versus $13 million in January\u2013March.<\/p>\n","protected":false},"author":1,"featured_media":65547,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,1185],"class_list":["post-65546","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-marathon-digital-holdings"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/65546","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=65546"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/65546\/revisions"}],"predecessor-version":[{"id":65548,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/65546\/revisions\/65548"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/65547"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=65546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=65546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=65546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}