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Bitcoin miner Marathon reports second-quarter net loss of $191.6 million

Bitcoin miner Marathon saw a net loss of $191.6 million in the second quarter of 2022, a significant jump from a $13 million net loss in the first quarter.
Revenues in the second quarter of 2022 were $24.9 million, according to the company's second-quarter results — a 51.8% decrease from the previous quarter.
"Energization delays, maintenance and weather issues in Montana, and an approximately 56% decline in the price of bitcoin during the quarter, severely impacted our bitcoin production and financial results," Marathon CEO Fred Thiel said in a statement on Monday. "These items reduced our revenues, caused us to record a $127.6 million impairment on our bitcoin holdings, and decreased the fair market value of our investment fund by $79.7 million."
Marathon produced 707 bitcoin between April and June, representing a 44% decrease from the first quarter of 2022.
The bitcoin mining company was affected by a storm that hit Hardin, Montana in early June and knocked 75% of its mining fleet offline .
As of July 31, Marathon held 10,127 BTC (with a market value of $236.3 million). It recently secured a $100 million bitcoin-backed loan with Silvergate Bank and refinanced a previous $100 million loan with the same firm.
In July, the miner closed a deal with hosting provider Applied Blockchain that will secure the company at least 200 megawatts of energy capacity, with the option to increase it to 270 megawatts. © 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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