{"id":75714,"date":"2023-03-17T10:45:03","date_gmt":"2023-03-17T08:45:03","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=75714"},"modified":"2025-09-10T13:12:06","modified_gmt":"2025-09-10T10:12:06","slug":"marathon-digital-reports-a-686-7-million-loss-for-2022","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/marathon-digital-reports-a-686-7-million-loss-for-2022\/","title":{"rendered":"Marathon Digital reports a $686.7 million loss for 2022"},"content":{"rendered":"<p>The mining company Marathon Digital Holdings mined 4,144 BTC in 2022. Compared with the prior period, the figure rose 30% and averaged 11.4 BTC per day.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Marathon Digital Holdings has published its financial and operational results for the fourth quarter and fiscal year 2022. Read the full report here: <a href=\"https:\/\/t.co\/ZwNCPdnxhL\">https:\/\/t.co\/ZwNCPdnxhL<\/a><\/p>\n<p>\u2014 Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) <a href=\"https:\/\/twitter.com\/MarathonDH\/status\/1636492995334754304?ref_src=twsrc%5Etfw\">March 16, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script> <\/p>\n<p>In the fourth quarter, the firm generated a record 1,562 BTC, with the hash rate reaching 7 EH\/s.<\/p>\n<p>However for the year Marathon posted a net loss of $686.7 million, compared with $37.1 million in 2021. The company noted that the negative results, despite the growth in operating metrics, were driven by a number of factors such as:<\/p>\n<ul class=\"wp-block-list\">\n<li>a reduction in the carrying value of <a href=\"https:\/\/u1f987.com\/en\/news\/wsj-reports-bitcoin-miners-on-sale-with-discounts-exceeding-70\">mining equipment<\/a> and advances to suppliers ($332.9 million);<\/li>\n<li>revaluation of digital-asset reserves due to price declines ($317.6 million);<\/li>\n<li>overall revenue decline due to a market downturn \u2014 to $150.4 million;<\/li>\n<li>additional costs to accelerate relocation from the <a href=\"https:\/\/u1f987.com\/en\/news\/hurricane-knocks-out-75-of-marathons-mining-capacity\">Hardin facility<\/a> ($54.3 million);<\/li>\n<li>impairment of assets amounting to $55.7 million related to <a href=\"https:\/\/u1f987.com\/en\/news\/compute-north-files-for-bankruptcy\">Compute North bankruptcy<\/a>;<\/li>\n<li>previously disclosed <a href=\"https:\/\/u1f987.com\/en\/news\/marathon-to-pay-24-million-to-former-ceo\">legal expenses of $26.1 million<\/a>;<\/li>\n<li>higher depreciation costs for the expanded fleet of miners to $27.8 million, and a number of other factors.<\/li>\n<\/ul>\n<p>The company partly offset the unfavourable conditions by:<\/p>\n<ul class=\"wp-block-list\">\n<li>reductions in general and administrative expenses of $117.6 million;<\/li>\n<li>gains from resale of equipment of $83.9 million;<\/li>\n<li>income tax benefit of $44.4 million.<\/li>\n<\/ul>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;2022 was a tough year for Bitcoin mining, but our team rose to every challenge with integrity, and we became wiser and more resilient,&#8221; said Marathon&#8217;s Chairman and CEO Fred Thiel.<\/p>\n<\/blockquote>\n<p>He noted that the company had taken steps to strengthen its balance sheet amid macroeconomic uncertainty in the year ahead.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;In December we fully repaid our remaining balance on the revolving line of credit. In February 2023 we closed <a href=\"https:\/\/u1f987.com\/en\/news\/silvergate-to-liquidate-silvergate-bank\">credit facilities with Silvergate Bank<\/a>, which freed 3,132 BTC from collateral. We are also seeking alternative banking arrangements in light of <a href=\"https:\/\/u1f987.com\/en\/news\/reuters-prospective-owner-of-signature-bank-must-relinquish-its-crypto-business\">recent events at Signature Bank<\/a>,&#8221; Thiel said.<\/p>\n<\/blockquote>\n<p>He said that for 2023 the company has two main goals: to reach a hash rate of 23 EH\/s and to use it as efficiently as possible.<\/p>\n<p>In January, Marathon <a href=\"https:\/\/u1f987.com\/en\/news\/marathon-digital-sold-1500-btc-in-january\">sold 1,500 BTC<\/a> to cover part of its costs. In February, the company <a href=\"https:\/\/u1f987.com\/en\/news\/marathon-digital-sold-650-btc-in-february\">sold another 650 BTC<\/a> for the same purpose.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The mining company Marathon Digital Holdings mined 4,144 BTC in 2022. Compared with the prior period, the figure rose 30% and averaged 11.4 BTC per day.<\/p>\n","protected":false},"author":1,"featured_media":75715,"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-75714","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":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/75714","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=75714"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/75714\/revisions"}],"predecessor-version":[{"id":75716,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/75714\/revisions\/75716"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/75715"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=75714"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=75714"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=75714"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}