Bitcoin Miner Marathon Digital Misses Revenue Expectations Due to Production Setbacks

Marathon Digital, a Bitcoin mining company, fell short of revenue expectations set by Wall Street analysts in the first quarter 2024 report.on May 9, the company’s performance still trailed the projected estimate of $193.9 million by 14.80%, according to investment analyst firm Zacks.

The firm noted that adverse weather conditions impacted its Garden City site in central Texas and other venues, including a newly acquired Texas location as of April 2. Despite these challenges, the company operated at a “record high” of 27 exahashes per second. Thiel highlighted the company’s goal of reaching 50 EH/s by year-end, which was revised upward from a target of 35 to 37 EH/s in late April.

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