Marathon Digital Holdings Inc, a Bitcoin mining company, has reported weaker-than-expected financial results for its fiscal Q2. The company recorded a loss of 13 cents per share on an adjusted basis, with $81.8 million in revenue. Analysts had anticipated a loss of 6 cents per share and $83.4 million in revenue.

Despite the disappointing results, CEO Fred Thiel remained positive in the press release, stating that the company had made significant progress in the second quarter by increasing its hash rate and improving its efficiency.

Marathon Digital’s stock has shown resilience in extended trading, and is currently up over 350% year-to-date.

Marathon Digital Sold 63% of Produced Bitcoin

In Q2, Marathon Digital mined a total of 2,926 Bitcoin, of which 63% were sold to fund operating costs. The company generated $23.4 million from the sale of these Bitcoin. As of June 30th, Marathon Digital held 12,538 Bitcoin with a market value of approximately $380 million.

The company also reported a significant decrease in impairment charges, which narrowed to $8.4 million in Q2.

In addition, Marathon Digital had to restate cash flow for Q1, as confirmed in an 8-K filing on Tuesday.

Despite these challenges, Wall Street maintains a consensus “overweight” rating on Marathon Digital Holdings, the largest listed Bitcoin miner in the world.

Summary:

Bitcoin miner Marathon Digital Holdings Inc has reported disappointing financial results for its Q2, with a loss of 13 cents per share and $81.8 million in revenue. CEO Fred Thiel remained positive, highlighting the company’s progress in increasing hash rate and improving efficiency. Marathon Digital sold 63% of the Bitcoin it mined in Q2, generating $23.4 million. The company holds 12,538 Bitcoin with a market value of approximately $380 million. Despite the disappointing results, Marathon Digital’s stock has remained strong, gaining over 350% year-to-date.

FAQs:

1. What were Marathon Digital’s financial results for Q2?

Marathon Digital reported a loss of 13 cents per share and $81.8 million in revenue for its Q2.

2. How did Marathon Digital respond to the disappointing results?

CEO Fred Thiel remained positive in the press release, emphasizing the company’s progress in increasing hash rate and improving efficiency.

3. How much Bitcoin did Marathon Digital sell in Q2?

Marathon Digital sold 63% of the 2,926 Bitcoin it mined in Q2.

4. What is the market value of Marathon Digital’s Bitcoin holdings?

As of June 30th, Marathon Digital held 12,538 Bitcoin with a market value of approximately $380 million.

5. What is Wall Street’s rating on Marathon Digital Holdings?

Wall Street currently maintains a consensus “overweight” rating on Marathon Digital Holdings, the largest listed Bitcoin miner in the world.