2024

Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/marathon-digital-reports-lower-earnings-and-faces-stock-decline/" data-wpel-link="internal">Marathon Digital Reports Lower Earnings and Faces Stock Decline</a><br></p>
<p class="p1" style="text-align: justify">The US-listed <a href="https://en.coin-turk.com/bitcoin-nears-45000-as-miners-hold-and-whales-accumulate/" data-wpel-link="internal">Bitcoin</a> mining company Marathon Digital saw its shares drop by 8% after reporting second-quarter earnings that fell short of Wall Street expectations. Marathon reported $145.1 million in revenue for the second quarter, which is about 9% lower than the $157.9 million analysts had predicted, according to Yahoo Finance data. This shortfall occurred despite a 78% year-over-year revenue increase from $81.7 million in Q2 2023, as stated in the earnings report published on August 1.</p> 
<h2 class="p1" style="text-align: justify" id="what-is-happening-at-marathon-digital">What is Happening at Marathon Digital?</h2> 
<p class="p1" style="text-align: justify">According to <a href="https://newslinker.co/category/technology/" target="_blank" rel="noopener" data-wpel-link="exclude">Google</a> Finance data, MARA’s stock price fell by 7.78% following the report’s release, closing the trading day at $18.14. Marathon Digital announced that it sold 51% of its Bitcoin to cover operational expenses, as Bitcoin miners faced challenges throughout the quarter due to increased operational costs following the Bitcoin halving process in April.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-376348 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/mara.webp" alt="" width="1416" height="926"></p> 
<p class="p1" style="text-align: justify">The report highlighted that the average price of Bitcoin mined by Marathon in the second quarter of 2024 was 136% higher than the same period the previous year. Marathon mined an average of 22.9 Bitcoins per day, which is 9.3 Bitcoins less per day compared to the previous period.</p> 
<p class="p1" style="text-align: justify">This marked the second consecutive quarter that Marathon missed consensus estimates, as it also missed first-quarter estimates. At that time, Marathon’s first-quarter revenues increased by 223% year-over-year to $165.2 million, but fell short of <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investment analyst</a> firm Zacks’ estimate of $193.9 million by 14.80%, according to results shared on May 9.</p> 
<h2 class="p1" style="text-align: justify" id="details-on-the-matter">Details on the Matter</h2> 
<p class="p1" style="text-align: justify">On July 23, news surfaced that Marathon was fined $138 million after being found guilty of violating a confidentiality or non-fraud agreement. Meanwhile, rival crypto miner Riot Platforms reported $70 million in revenue for the second quarter of 2024, an 8.8% year-over-year decrease, according to the earnings report published on July 31.</p> 
<p class="p1" style="text-align: justify">Riot’s reported revenues were much closer to consensus estimates, being only 0.63% lower than Zacks’ forecast. Riot’s stock (RIOT) closed the trading day down 8.54% at $9.32. The mining sector, particularly after the halving process, saw significant gains in ecosystem operations, but the recent decline in interest in the Bitcoin ecosystem has led to a decrease in mining revenues.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/marathon-digital-reports-lower-earnings-and-faces-stock-decline/" data-wpel-link="internal">Marathon Digital Reports Lower Earnings and Faces Stock Decline</a></h5>
<p>The post <a href="https://en.coin-turk.com/marathon-digital-reports-lower-earnings-and-faces-stock-decline/" data-wpel-link="internal">Marathon Digital Reports Lower Earnings and Faces Stock Decline</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Marathon Digital Reports Lower Earnings and Faces Stock Decline

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