Marathon Digital Misses Q2 Earnings and Revenue Estimates

Marathon Digital (MARA), one of the largest bitcoin miners in North America, missed on both the top and bottom lines in its second-quarter earnings report on Tuesday. The miner reported an adjusted loss per share of $0.13 on revenues of $81.8 million compared to FactSet analyst estimates for a loss of $0.06 on revenues of $83.4 million.

Shares of Marathon were roughly flat at $15.73 in after-hours trading on Tuesday. Marathon shares are up almost 360% this year as the price of bitcoin has surged.

“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,” said Fred Thiel, Marathon’s chairman and CEO, in a press release.

Marathon recently solidified its position as the world’s largest publicly traded bitcoin miner by self-mining hashrate, reporting 17.7 exahash per second (EH/s) of operational computing power on the bitcoin network in June. It increased its production of bitcoin in May through the use of proprietary software.