Bitcoin Miner Marathon Digital Misses Q1 Revenue Expectation On Operational Challenges

Marathon Digital , one of the largest bitcoin miners, missed consensus first-quarter revenue expectations due to operational challenges it faced during the quarter.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 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 has seen its stock price fall 40%.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.

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