Marathon Digital, one of the largest Bitcoin miners, has announced a net loss of $21.3 million for the second quarter of the year.
Bitcoin Mining Company Marathon Digital Made $81.8 Million In Q2 Revenue
In a new press release, Marathon Digital has revealed the results of the company’s performance during the second quarter of 2023 (lasting between April 1st and June 30th).
According to the report, the public miner has made a revenue of $81.8 million in this period, which is a notable rise from the $24.9 million revenue that the company made in the same quarter last year.
This is despite the fact that the average BTC price, and hence the value of the rewards that the miner would be earning, was 14% lower in Q2 2023 as compared to Q2 2022.
The reason the mining company has been able to post higher revenues nonetheless is because it is now producing about 314% more Bitcoin, thanks to expanded facilities.
Marathon Digital also sold…
