Reports indicate (1) that Marathon Digital Holdings, Inc. anticipates recording revenue of $38.4 million for the quarter ending in December 2022.
Even though this amount is three times higher than what the cryptocurrency miner made in the previous quarter, it is still lower than the $60.3 million that it made in the same time period last year.
Information on Marathon Digital’s Q4 2022 Release
The estimations that Marathon has provided for its net loss during the fourth quarter of the previous year look to be improving.
The corporation specializing in digital assets and technology reported a net loss of 24 million dollars. When compared to Marathon’s net loss for the third quarter, which was $75,4 million, this figure looks much better.
In addition, the blockchain-focused company’s most recent predictions of its net loss compare well to the $11.5 million figure from the fourth quarter of 2021.
Fred Thiel, the chief executive officer of the corporation, provided the following explanation earlier this month regarding the anticipated revenue haul for Marathon’s Q4 2022:
“We think that the gains we have made in our operational efficiency, together with the proactive actions we have undertaken to improve our financial statement, have put Marathon in a good position to accomplish both our growth and our operating targets in 2023,”
Thiel also mentioned that Marathon had a 45% month-over-month rise in Bitcoin (BTC) production during January. According to reports, the corporation accomplished this after resolving “maintenance and technical concerns” at its location in Texas.
Even though miners are still having a difficult time due to months of reduced operational margins, January did give some relief in the form of a jump in Bitcoin prices.
The dominant form of virtual money experienced a sharp increase in value, reaching $23,000 for the first time since August 2022. The current market price for one is $23,756.75.
After January, with a hashrate potential of 7.3 EH/s, Marathon Digital is well on its way to meeting its aim of 23 EH/s by the middle of 2023.
In the fourth quarter of 2022, Marathon’s mining capacity increased due to the company’s relocation of its infrastructure to a wind-powered site in Texas.
A prior location in Montana served as the base of operations for the mining equipment owned by the corporation.
Financial Statements Will Be Reissued By Marathon
In another related news, Marathon is planning to reprint a number of its earlier financial statements because of some accounting irregularities that occurred in the company’s past.
The SEC recently sent a letter to the cryptocurrency miner stating that it had made an error in the numbers that it used to calculate its crypto impairment.
As per the SEC, Marathon made several accounting errors across a variety of financial statements, and the company now needs to restate a large number of audited quarterly results.
Marathon has decided not to have its quarterly conference call due to an SEC event
Furthermore, the digital asset technology business has decided (2) to delay the release of its financial statements for both the fourth quarter and the full FY 2022.
On the other hand, Marathon stated that the indicated modifications that the SEC expects it to comply with would have no effect on the company’s bottom line.
According to the business,
“It is anticipated that the restoration of the Impacted Financial Statements will not affect the total profit, operating profit, or net profit in 2021 or any interim periods in 2021 or 2022.”
Marathon had informed the SEC that it would need two weeks to alter its report before it could disclose its results for 2022 on March 16th, which is when Marathon planned to file those results.
Before the corrected letter from the SEC, the deadline for submitting the report above was set for March 1st.
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