- bitcoin miners marathon digital holdings Announced May its revenue in the fourth quarter of 2022 fall 58% year-over-year to $28.4 million.
- However, in Q4 2022, marathon bitcoin production increased by 42% to a record 1,562. Annual production increases 30% to 4,144 in 2022.
Marathon Digital Holdings, a bitcoin mining company, Announced March 16 May its revenue in the fourth quarter of 2022 fall 58% year-over-year to $28.4 million.
he was a bitcoin miner Hope Revenue of approximately $38.4 million for the fourth quarter. Last month, the company canceled an earnings call and delayed earnings release to correct an accounting error related to digital asset impairment.
According to the latest report, full-year revenue for 2022 was down to $117.8 million, down 26% from $159.2 million in 2021. The company’s net loss for the year was $686.7 million, compared to a loss of $37.1 million. In 2021.
Results were impacted by a fourth quarter impairment charge of $332.9 million related to the book value of mining rigs and initial payments to suppliers, in addition to a $317.6 million decrease in book value. of your digital assets.
In Q4 2022, bitcoin production increased 42% to a record 1,562. Annual production increases 30% to 4,144 in 2022.
Marathon shares fell to $7.5 yesterday (March 16), showing a 0.13% decline in aftermarket trading. At press time, it was trading at $7.63.
Credit lines end Silvergate
as soon as news Silvergate Bank closed its distributed operations on Marathon Digital on March 8 Announced That you have repaid your term loan and terminated your lines of credit with the bank.
“In February 2023, we terminated our credit lines with Silvergate Bank, resulting in the release of 3,132 bitcoins previously held as collateral,” CEO Fred Thiel said in a statement. statement“We are also looking at alternative banking relationships in light of recent developments with Signature Bank.”
Marathon said the move would release 3,132 bitcoins held as collateral for the loan, which was worth more than $68 million at the time. This will result in a debt reduction of $50 million and $5 million in annual borrowing costs.
did a marathon agreed A $100 million revolving credit facility with Silvergate Bank due October 2021, to be used to purchase bitcoin mining equipment and finance its mining operations.