A Bitcoin mining firm in the United States Marathon has released its financial results for the second quarter of 2023. The report revealed an impressive 228% rise in revenue compared to the same period in 2022.
The company disclosed a profit of $23.4 million derived from selling 63% of the Bitcoin mined during the quarter, which was utilized to cover operational expenses. Additionally, they reported impairment charges amounting to $8.4 million related to their digital assets’ valuation.
Report Shows Marathon Still Holds 13,286 BTC In Treasury
As of August 31, 2023, Marathon held 13,286 Bitcoin (BTC), with 13,111 BTC available without restrictions. During August, the company sold 750 BTC with plans to continue selling portions of its Bitcoin holdings in the future.
These sales will serve various purposes, including supporting monthly operational needs, managing their treasury, and covering general corporate expenses. Read more…
