skip to Main Content
bitcoin
Bitcoin (BTC) $ 76,928.61 2.88%
ethereum
Ethereum (ETH) $ 1,472.52 6.01%
tether
Tether (USDT) $ 0.999369 0.04%
xrp
XRP (XRP) $ 1.82 4.85%
bnb
BNB (BNB) $ 557.03 0.15%
usd-coin
USDC (USDC) $ 1.00 0.00%
solana
Solana (SOL) $ 105.72 2.03%
tron
TRON (TRX) $ 0.231188 1.24%
dogecoin
Dogecoin (DOGE) $ 0.143722 4.08%
cardano
Cardano (ADA) $ 0.561954 4.45%

Bitcoin Miner Marathon Digital Misses Q1 Revenue Expectation On Operational Challenges

Marathon Digital (MARA), one of the largest bitcoin miners, missed consensus first-quarter revenue expectations due to operational challenges it faced during the quarter.

The company mined just 2,811 bitcoin during the year’s first three months, down 34% from the previous quarter.

  • Bitcoin Miner Marathon Digital First-Quarter Earnings Beat Expectations

    04:26

    Bitcoin Miner Marathon Digital First-Quarter Earnings Beat Expectations

  • Marathon Digital CEO: We're Bullish on Bitcoin

    08:52

    Marathon Digital CEO: We’re Bullish on Bitcoin

  • Mara CEO on Raising $23M to Spread Crypto Adoption Across Africa

    07:01

    Mara CEO on Raising $23M to Spread Crypto Adoption Across Africa

  • Mara Raises $23M From Coinbase, Alameda to Spread Crypto Adoption Across Africa

    05:10

    Mara Raises $23M From Coinbase, Alameda to Spread Crypto Adoption Across Africa

  • “Bitcoin production, and therefore revenues, generated during the quarter was negatively impacted by unexpected equipment failures, transmission line maintenance, and higher than anticipated weather-related curtailments at Garden City and other sites during the quarter,” the company said in a statement on Thursday.

    Marathon reported first quarter earnings per share of $1.26, at first glance easily topping Wall Street estimates of $0.02, but not comparable to forecasts as the company adopted newly-approved FASB fair value accounting rules. The mark-to-market adjustment was a very favorable one given the big run higher in bitcoin prices.

    The miner is sticking to its 2024 guidance of ramping up to 50 exahash per second (EH/s) and sees additional growth in 2025.

    Marathon’s stock fell roughly 1.5% in post-market trading on Thursday. Shares have declined 26% this year while peer Riot Platforms (RIOT) has seen its stock price fall 40%.

    Edited by Stephen Alpher.

    Loading data ...
    Comparison
    View chart compare
    View table compare
    Back To Top