On August 8, 2022, Marathon Digital Holdings, Inc. made public its operational report for the month of July 2022, in which it disclosed that the cryptocurrency mining company had mined 707 bitcoins, representing a rise of 8% year-over-year in production for the second quarter of 2022.
However, compared to the previous quarter’s total of 1,259 bitcoins, this sum represents a fall of 44 percent.
In addition, the company said that its revenue for the second quarter was $24.9 million, whereas it had recorded revenue of $29.3 million for the three months that ended on June 30, 2021. The fall in income was due to an increase in Bitcoin manufacturing activity of 8%, which was somewhat offset by a decrease in revenue per Bitcoin. This rise was partially offset by the decrease in revenue per Bitcoin.
Fred Thiel, Chairman and Chief Executive Officer of Marathon, stated that the company’s bitcoin production and financial results were severely impacted as a result of the following: “Energization delays, maintenance and weather issues in Montana, as well as an approximately 56 percent decline in the price of bitcoin during the quarter.” These items produced a reduction in our revenues, required us to declare impairment of our bitcoin assets in the amount of $127.6 million, and caused a reduction in the fair market value of our investment fund in the amount of $79.7 million.
More details about the report
Argo reported that it had 10,127 bitcoins in its possession as of the 31st of July, 2022, giving it a fair market cap of $236.3 million.
Marathon made the announcement in July that it had finished installing approximately 40,000 mining machines, with a total of 68,000 mining machines entering into production at its factory in Texas.
Marathon stated that they had assured sufficient hosting capacity to enable all bitcoin mining at 23.3 EH/s as a result of their increased cooperation with Applied Blockchain and with Compute North.
The company currently anticipates that its mining machines will offer improved performance, and there is a possibility that bitcoin production may increase in the near future.
Additionally, on Monday, the largest Bitcoin mining company in the United States disclosed that it had obtained an additional $100 million line of credit from Silvergate Bank, which was backed by Bitcoin (BTC).
Additionally, the business disclosed that it has around 49,000 miners operating at a hash rate of 4.7 exhas per second (EH/s) currently deployed.