{"id":69779,"date":"2022-11-09T12:16:24","date_gmt":"2022-11-09T10:16:24","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=69779"},"modified":"2025-09-07T22:02:54","modified_gmt":"2025-09-07T19:02:54","slug":"marathon-digital-narrows-quarterly-loss-to-75-4-million","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/marathon-digital-narrows-quarterly-loss-to-75-4-million\/","title":{"rendered":"Marathon Digital narrows quarterly loss to $75.4 million"},"content":{"rendered":"<p>In the third quarter Marathon Digital Holdings posted a net loss of $75.4 million against <a href=\"https:\/\/u1f987.com\/en\/news\/marathons-q2-loss-exceeds-190-million\">$191.6 million in April\u2013June<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24MARA&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$MARA<\/a>\u2018s Q3 22 financial results are out: <\/p>\n<p>\u2014 Consistent improvement in <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&#038;ref_src=twsrc%5Etfw\">#BTC<\/a> production <\/p>\n<p>\u2014 Increased hash rate 84% from Sept. 30 to Nov. 1 <\/p>\n<p>\u2014 69,000 active servers as of Nov. 1<\/p>\n<p>\u2014 Increased YTD <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&#038;ref_src=twsrc%5Etfw\">#BTC<\/a> production 27% YoY as of Oct. 31<a href=\"https:\/\/t.co\/2X1Yn6wnGv\">https:\/\/t.co\/2X1Yn6wnGv<\/a><\/p>\n<p>\u2014 Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) <a href=\"https:\/\/twitter.com\/MarathonDH\/status\/1590089171225694208?ref_src=twsrc%5Etfw\">November 8, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Year-on-year losses more than tripled to $22.2 million. Among the main factors weighing on revenue compared with the second quarter of 2021, Marathon cited:<\/p>\n<ul class=\"wp-block-list\">\n<li>lower bitcoin production and prices (\u2212$39 million);<\/li>\n<li>relocation costs from the Hardin, Montana data center ($20.8 million);<\/li>\n<li>decrease in the carrying value of stored bitcoins ($5.9 million);<\/li>\n<li>impairment loss on investments in <a href=\"https:\/\/u1f987.com\/en\/news\/compute-north-files-for-bankruptcy\">the now-bankrupt hosting provider Compute North<\/a> ($39 million);<\/li>\n<li>previously disclosed reserve for court-ordered payments ($25 million).<\/li>\n<\/ul>\n<p>The company partially offset the results with reductions in general and administrative expenses (\u2212$86.9 million) and proceeds from asset sales related to the exit from Hardin ($31.9 million).<\/p>\n<p>During the third quarter Marathon mined 616 BTC \u2014 down 51% from a year earlier. By October the firm <a href=\"https:\/\/u1f987.com\/en\/news\/marathon-digital-posts-record-615-btc-in-october\">produced a record 615 BTC<\/a>, with hash rate up roughly 84%.<\/p>\n<p>As of November 1, the company had a fleet of about 69,000 miners generating 7 EH\/s.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abThe third quarter was a transitional period and a recovery phase for Marathon, during which we fully vacated the Hardin site and began connecting equipment at new locations \u2014 primarily at the 280 MW King Mountain data center in Texas,\u00bb said Marathon&#8217;s chairman and CEO Fred Thiel.<\/p>\n<\/blockquote>\n<p>He noted that this facility is connected &#8216;behind the meter&#8217; to a wind farm in Makkeymi.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>We believe Marathon has a solid foundation on which we can continue to grow the hash rate. Our near-term goal is to reach about 9 EH\/s by year-end, and we continue to target 23 EH\/s by mid-2023,&#8221; Thiel added.<\/p>\n<\/blockquote>\n<p>Shares fell 5% in trading on November 8, closing at $9.96. After the quarterly results were released, post-market quotes rose about 2%.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/dFviRVqPU5LkjFkuMOUxNUI205r4eDHcaLb3paHVa_c6lCWbI8zZSXzi5-sbFYn_5qeZjj2KFrBlcUgvNwviYuznjeeD_jSHrvjBCbycGhMitAqDR-6iP8KPcfRI9Q1jK8MGRWse8JhgHtQaF1wTeF0DvZ3Qpch1HH9PilA3r2_VjlnHPIyzvSU5lO2nUw\" alt=\"Marathon Digital \u0441\u043e\u043a\u0440\u0430\u0442\u0438\u043b\u0430 \u0443\u0431\u044b\u0442\u043a\u0438 \u0437\u0430 \u043a\u0432\u0430\u0440\u0442\u0430\u043b \u0434\u043e $75,4 \u043c\u043b\u043d\"\/><figcaption>Data: <a href=\"https:\/\/finance.yahoo.com\/quote\/MARA\/\">Yahoo! Finance<\/a>.<\/figcaption><\/figure>\n<p><a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-miners-revenue-up-7-in-october\">In October, aggregate bitcoin miners&#8217; revenue rose 7%<\/a> month over month to $589.7 million, according to <a href=\"https:\/\/u1f987.com\/en\/news\/october-in-numbers-miners-on-the-brink-of-unprofitability-ethereum-censorship-and-a-potential-bitcoin-price-bottom\">ForkLog<\/a>&#8216;s report. <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-miner-revenues-fall-19-in-september\">In September the figure fell by 19%<\/a>.<\/p>\n<p>Follow ForkLog&#8217;s bitcoin news on our Telegram \u2014 news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the third quarter, Marathon Digital Holdings posted a net loss of $75.4 million versus $191.6 million in April\u2013June.<\/p>\n","protected":false},"author":1,"featured_media":69780,"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-69779","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":"23","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69779","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=69779"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69779\/revisions"}],"predecessor-version":[{"id":69781,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69779\/revisions\/69781"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/69780"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=69779"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=69779"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=69779"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}