Miner Marathon's second-quarter revenue was $145.10 million, lower than expected
According to FactSet data, bitcoin miner Marathon Digital Holdings reported revenue of $145.10 million in the second quarter, missing Wall Street expectations of $157.90 million. In its earnings report, Marathon said its second-quarter sales took a hit as some operational challenges hampered its ability to mine bitcoin, and the recent halving put pressure on the mining industry.
Marathon Digital's adjusted EBITDA for the second quarter turned to a loss of $85.10 million from $35.80 million in the previous year, mainly due to the fair value adjustment of its digital assets, and the decrease in the amount of BTC mined during the quarter. The miner currently holds over 20,000 BTC on its balance sheet.
Shares of Marathon Digital (MARA) fell as much as 8 percent after hours on Thursday, trading at about $18.14.