• September 21, 2023


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Marathon Digital Lost $686.7M Last Year

ByLouis Adams

Mar 17, 2023 #Bitcoin, #mining
Reading time: < 1 minute

Mining firm Marathon Digital Holdings mined 4,144 BTC in 2022, a 30% increase compared to the previous period, with an average of 11.4 BTC per day.

In Q4, the firm generated a record 1,562 BTC, and its hashrate reached 7 EH/s. However, the firm ended the year with a net loss of $686.7 million, in contrast to the $37.1 million of 2021.

This was due to a number of factors, including a decrease in the book value of mining installations and advances to suppliers ($332.9 million), the revaluation of reserves in digital currencies due to lower prices ($317.6 million), a decrease in overall income from the market fall of up to $150.4 million, accelerated relocation from the Hardin site ($54.3 million), asset impairment of $55.7 million related to Compute North’s bankruptcy, legal expenses of $26.1 million, an increase in the cost of depreciation of the increased fleet of miners up to $27.8 million and other reasons.