Summary by Futu AI
Marathon Digital Holdings reported Q2 2024 revenue of $145.1 million, up 78% year-over-year, driven by a 136% higher average bitcoin price despite reduced production post-halving. The company produced 2,058 bitcoins during the quarter, averaging 22.9 BTC per day, while operating at 31.5 EH/s hash rate capacity. However, net loss widened to $199.7 million from $9.0 million last year due to digital asset fair value adjustments.The company completed strategic acquisitions to expand operations, including a 200MW facility in Garden City, Texas for $96.8 million and made progress integrating previously acquired data centers. Cost per petahash improved 18.7% to $41.0 through increased capacity and efficiency gains. Marathon held 18,488 bitcoins valued at $1.16 billion as of quarter-end.Looking ahead, Marathon announced a full bitcoin holding strategy and purchased an additional $100 million in BTC post-quarter. The company maintains strong liquidity with $256 million cash and $1.18 billion in digital assets, while continuing facility expansions targeting 50 EH/s capacity. Management expects improved efficiency and reduced costs as operations scale, despite near-term halving impacts.
