Marathon Digital Holdings tripled its revenue in the second quarter of 2023. The crypto mining giant recorded quarterly revenue of $81.8 million, compared to $24.9 million for the second quarter of 2022. The dramatic increase in revenue was attributed to the rally in Bitcoin’s price since the beginning of the year.
Marathon Digital recently released its financial and operational results for the second quarter of 2023. According to a press release, the Florida-based company incurred a net loss of $21.3 million, or a loss of $0.13 per share, during the quarter ended June 30, 2023. However, the company managed to significantly reduce its loss from the same period the previous year, which was $212.6 million, or $1.94 per share.
The financial statement revealed that Marathon Digital increased Bitcoin production from its mining operations by a whopping 314% in Q2 ‘2023. The increased BTC production helped the crypto miner offset the 14% lower average BTC price. During the same period, the firm sold $23.4 million worth of BTC from its holdings, which translated to 63% of the Bitcoins it produced.
Speaking on the latest financial statements, Marathon Digital’s chairman and CEO Fred Thiel stated:
After a strong start to the year, we accelerated our progress in the second quarter by significantly growing our hash rate and improving our efficiency. In Q2, we grew our energized hash rate 54% from 11.5 to 17.7 exahashes. By growing our hash rate faster than the rest of the network and improving our uptime, we also increased our bitcoin production.
Marathon Digital also managed to end the second quarter with $113.7 million in unrestricted cash and cash equivalents, along with BTC holdings exceeding 12,500 which had a market value of roughly $380 million. The latest earnings report led to a 4.3% surge in the company’s share price, which closed at $15.7 on August 9, 2023.
