Marathon
Digital
(MARA),
one
of
the
largest
bitcoin
miners,
missed
consensus
first-quarter
revenue
expectations
due
to
operational
challenges
it
faced
during
the
quarter.
The
company
mined
just
2,811
bitcoin
during
the
year’s
first
three
months,
down
34%
from
the
previous
quarter.
-
04:26
Bitcoin
Miner
Marathon
Digital
First-Quarter
Earnings
Beat
Expectations -
08:52
Marathon
Digital
CEO:
We’re
Bullish
on
Bitcoin -
07:01
Mara
CEO
on
Raising
$23M
to
Spread
Crypto
Adoption
Across
Africa -
05:10
Mara
Raises
$23M
From
Coinbase,
Alameda
to
Spread
Crypto
Adoption
Across
Africa
“Bitcoin
production,
and
therefore
revenues,
generated
during
the
quarter
was
negatively
impacted
by
unexpected
equipment
failures,
transmission
line
maintenance,
and
higher
than
anticipated
weather-related
curtailments
at
Garden
City
and
other
sites
during
the
quarter,”
the
company
said
in
a
statement
on
Thursday.
Marathon
reported
first
quarter
earnings
per
share
of
$1.26,
at
first
glance
easily
topping
Wall
Street
estimates
of
$0.02,
but
not
comparable
to
forecasts
as
the
company
adopted
newly-approved
FASB
fair
value
accounting
rules.
The
mark-to-market
adjustment
was
a
very
favorable
one
given
the
big
run
higher
in
bitcoin
prices.
The
miner
is
sticking
to
its
2024
guidance
of
ramping
up
to
50
exahash
per
second
(EH/s)
and
sees
additional
growth
in
2025.
Marathon’s
stock
fell
roughly
1.5%
in
post-market
trading
on
Thursday.
Shares
have
declined
26%
this
year
while
peer
Riot
Platforms
(RIOT)
has
seen
its
stock
price
fall
40%.