Bitcoin Miner Marathon Digital Misses Q1 Revenue Expectation On Operational Challenges
Marathon Digital, a major bitcoin miner, failed to meet Q1 revenue expectations due to operational issues. The company mined 2,811 bitcoin in the first three months of the year, a 34% decrease from the previous quarter. This was attributed to unexpected equipment failures, transmission line maintenance, and weather-related curtailments at various sites. Despite reporting Q1 earnings per share of $1.26, surpassing Wall Street estimates of $0.02, the figures are not comparable due to the company's adoption of newly-approved FASB fair value accounting rules. Marathon maintains its 2024 target of reaching 50 exahash per second and anticipates further growth in 2025. The company's stock fell about 1.5% in post-market trading on Thursday, and shares have dropped 26% this year.
