Benzinga - Marathon Digital Holdings Inc (NASDAQ: MARA) shares are bouncing around Wednesday after the crypto miner reported second-quarter financial results.
- Q2 Revenue: $81.8 million missed estimates of $92.65 million
- Q2 EPS: loss of 13 cents missed estimates for a loss of 4 cents
Marathon Digital said a 314% increase in Bitcoin (CRYPTO: BTC) production more than offset 14% lower average Bitcoin prices during the quarter.
Bitcoin gains for the quarter totaled $23.4 million as the company sold 63% of the bitcoin it produced in the quarter to fund operating costs.
"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, chairman and CEO of Marathon Digital.
"In Q2, we grew our energized hash rate 54% from 11.5 to 17.7 exahashes. By growing our hash rate faster than the rest of the network and improving our uptime, we also increased our bitcoin production."
Marathon produced 2,926 Bitcoin during the quarter, capturing 3.3% of the total Bitcoin network rewards available during the period. The company ended the quarter with $113.7 million in unrestricted cash and equivalents.
Following the print, HC Wainwright & Co. analyst Kevin Dede reiterated Marathon Digital with a Buy rating and a $20 price target.
See Also: Billionaire David Rubenstein Regrets Not Buying Bitcoin When It Was Valued At $100: 'I Don't Think BTC Is Going Away'
MARA Price Action: Marathon Digital shares were down 0.45% at $15.65 at the time of writing, according to Benzinga Pro.
Photo: Miloslav Hamřík from Pixabay.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.