Marathon Digital Reduces its Quarterly Losses to $75.4M
In the third quarter of the year, mining company Marathon Digital Holdings recorded a net loss of $75.4 million compared to $191.6 million in April-June.
Year-on-year losses more than tripled from $22.2 million. Among the main factors that negatively affected revenue compared to the second quarter of 2021, Marathon has named the decline in production and prices for Bitcoin (minus $39 million), the relocation costs from the data center in Hardin, Montana ($20.8 million), the decrease in the book value of stored Bitcoins ($5.9 million), the impairment loss on investment in bankrupt hosting provider Compute North ($39 million) as well as the previously announced provision for court-ordered payments ($25 million).
The company was partially offset by lower general and administrative expenses (down $86.9 million) and proceeds from the sale of assets in connection with the exit from Hardin ($31.9 million).
For the third quarter, Marathon mined 616 BTC, which is about 51% less than a year earlier. Already in October, the firm produced a record 615 BTC, increasing its hashrate by about 84%.
