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United States-listed Bitcoin miner Marathon Digital shares fell 8% after filing its second quarter earnings, which fell short of Wall Street expectations.
Marathon reported revenue of $145.1 million in the second quarter, roughly 9% lower than the $157.9 million that analysts had anticipated, according to Yahoo Finance <a href="https://finance.yahoo.com/quote/MARA/analysis/" target="_blank" rel="noopener nofollow">data</a>.
The shortfall occurred despite a year-on-year revenue increase of 78% from $81.7 million in Q2 2023, according to its earnings report <a href="https://ir.mara.com/investors/news-events/press-releases/detail/1364/mara-reports-second-quarter-2024-results" target="_blank" rel="noopener nofollow">published</a> on August 1.
Following the report’s release, MARA’s stock price fell 7.78%, ending the trading day at $18.14, according to Google Finance <a href="https://www.google.com/finance/quote/MARA:NASDAQ?sa=X&amp;ved=2ahUKEwiS-Z7g_NSHAxX77zgGHdUcM6QQ3ecFegQIQhAX" target="_blank" rel="noopener nofollow">data</a>.
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 <img src="https://s3.cointelegraph.com/uploads/2024-08/8d4fa687-7b16-4156-95f9-eaea919b7269.png" alt="Marathon Digital shares plunge 8% after Q2 revenue miss estimates">
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 MARA's price is down 19.59% over the past 30 days. Source: Google Finance
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As Bitcoin miners struggled throughout the <a href="https://cointelegraph.com/news/bitcoin-halving-how-impact-btc-mining-costs#:~:text=After%20the%20May%202020%20halving,at%20the%20time%20of%20writing.">quarter due to rising operational costs</a> after the Bitcoin halving in April, Marathon Digital revealed it sold 51% of its Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) to cover operating expenses.
The report highlighted that Marathon’s average price of BTC mined in the second quarter of 2024 was 136% higher than in the prior year period.
On average, Marathon mined 22.9 Bitcoin per day, which is 9.3 less Bitcoin daily compared to the previous period.
Related: <a href="https://cointelegraph.com/news/marathon-digital-buys-100m-bitcoin-hodl-strategy">World’s largest BTC miner Marathon buys $100M BTC to go ‘full HODL’</a>
It is the second quarter in a row that Marathon has missed consensus estimates, having also missed Q1 estimates.
At the time, Marathon’s Q1 revenues increased 223% year-on-year to $165.2 million in <a href="https://ir.mara.com/news-events/press-releases/detail/1357/marathon-digital-holdings-reports-first-quarter-2024-results" target="_blank" rel="noopener nofollow">results</a> shared on May 9 — but it still <a href="https://cointelegraph.com/news/marathon-digital-q1-revenue-miss-bad-weather">missed the $193.9 million estimate</a> from investment analyst firm Zacks by 14.80%.
<h3 id="riot-platforms-q2-closer-to-estimates">Riot Platforms Q2 closer to estimates</h3>
It follows the news on July 23 that Marathon has been fined $138 million after being found guilty of breaching a <a href="https://cointelegraph.com/news/marathon-digital-fined-138m-contract-breach">non-disclosure or non-circumvention agreement.</a> 
Meanwhile, <a href="https://cointelegraph.com/news/bitcoin-miner-riot-platforms-reports-84-million-net-loss-second-quarter">rival crypto miner Riot Platforms</a>&nbsp;posted $70 million in revenue for Q2 2024, a year-on-year decline of 8.8%, as per its earnings <a href="https://www.riotplatforms.com/riot-platforms-reports-second-quarter-2024-financial-results-current-operational-and-financial-highlights/" target="_blank" rel="noopener nofollow">report</a> published on July 31. 
Riot’s reported revenues were a lot closer to consensus estimates, which was only 0.63% lower than Zacks' prediction.
Riot’s stock (RIOT) ended the trading day down 8.54%, closing at $9.32.
Magazine: <a href="https://cointelegraph.com/magazine/bitcoin-price-prediction-ethereum-altcoins-crypto-trader-roman-hall-of-flame-cointelegraph/">Ethereum price will lag for ‘months’ as Bitcoin surges: X Hall of Flame, Roman</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Marathon Digital shares plunge 8% after Q2 revenue miss estimates

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