Marathon Digital, a leader in digital asset computing, has reported significant developments in its financial and operational activities for the quarter ended June 30, 2024. Financially, the company saw a substantial increase in revenues, reaching $145.1 million, a 78% rise from the previous year, primarily due to a higher average price of bitcoin and the inclusion of hosting services revenue. However, the company faced a net loss of $199.7 million, a stark contrast to the $9.0 million loss in the prior year, largely due to an unfavorable mark-to-market adjustment of digital assets and increased operational costs. Adjusted EBITDA also saw a downturn, with a loss of $85.1 million compared to a gain of $35.8 million in the previous year. On the business development front, Marathon Digital...Show More

Marathon Digital, a leader in digital asset computing, has reported significant developments in its financial and operational activities for the quarter ended June 30, 2024. Financially, the company saw a substantial increase in revenues, reaching $145.1 million, a 78% rise from the previous year, primarily due to a higher average price of bitcoin and the inclusion of hosting services revenue. However, the company faced a net loss of $199.7 million, a stark contrast to the $9.0 million loss in the prior year, largely due to an unfavorable mark-to-market adjustment of digital assets and increased operational costs. Adjusted EBITDA also saw a downturn, with a loss of $85.1 million compared to a gain of $35.8 million in the previous year. On the business development front, Marathon Digital has expanded its global operations, acquiring a 200-megawatt bitcoin mining data center in Texas and announcing the purchase of $100.0 million in bitcoin as part of its strategy to hold onto the asset. The company also introduced three new business teams to drive growth and diversification. Looking ahead, Marathon Digital plans to continue its expansion, with a focus on self-owned and operated sites and a commitment to holding bitcoin. The company's future plans also include scaling its Kaspa mining operations and diversifying revenue streams.