Earnings of Bitcoin (BTC) mining company Marathon Digital Holdings (NASDAQ:MARA) report The company’s production in Q3 2022 shows 616 bitcoins, down 51% from 1,252 bitcoins in Q3 2021.
The company also posted revenue of $12.7 million, compared with $51.7 million in the same period last year.
According to Marathon, the decline was largely due to lower revenue due to the falling Bitcoin price. The company also closed its Hardin facility in Montana and delayed the start-up of its King His Mountain facility in McCammy, Texas, further reducing production.
The mining company posted a net loss of $75.4 million, or $0.65 per share, in the third quarter of 2022. In Q3 2021, those numbers were $22.2 million and $0.22, respectively.
Marathon also noted that it faces impairment charges related to Compute North’s bankruptcy and previous settlements.
Marathon CEO Fred Thiel said the third quarter of 2022 will be a transitional period for the company. He said:
“The third quarter of 2022 was a period of migration and rebuilding for Marathon, during which we completely closed down our Hardin facility in Montana and began powering our servers in new locations, especially King Mountain. Note the 280-megawatt data center behind the meters at the McCamey, Texas wind farm.
He also added that Marathon will continue to increase its hashrate in the coming quarters.Thiel said Marathon will reach about 9.0 exahash per second (EH/s) by the end of the year, and by mid-2023 We aim to reach 23 EH/s.
Marathon said about 69,000 active miners are generating about 7 EH/s. This number increased from his 25.272 Minor in Q3 2021, which generated about 2.7 EH/s.