world’s largest cryptocurrency from mining operators Marathon Digitalannounced its balance sheet for the last quarter of 2022 today. While the company significantly increased the amount of Bitcoin it produces annually, it announced a loss well above expectations.
bitcoin As a result of the balance sheet published recently by the miner Marathon Digital, it was revealed that it lost $687 million in 2022. The size of the damage increased 18 times in just one year. Marathon Digital reported a loss of $37 million at the end of 2021.
Quarterly Revenue Down 58%!
According to the report published by the mining giant, quarterly Bitcoin production increased by 42% from 1,098 to 1,562. Although Marathon Digital produced 17 Bitcoins per day, it generated 58% less revenue compared to the 3rd quarter.
While the BTC miner is expected to generate $38 million in revenue in the last quarter, the official data came in at $28.4 million.
Fred Thiel, Chairman of Marathon Digital, made the following statement after the balance sheet announcement:
“Although we have progressed operationally, market conditions have adversely affected us. The cost of exiting Hardin, the bankruptcy of Compute North, and the 64% drop in Bitcoin price made our profitability negative. Since we have a digital asset, its valuation has decreased due to the market.”
As a result of the Russian-Ukrainian war that started in February 2022, the increase in energy prices had a negative impact on the miners.
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