Marathon Digital (NASDAQ:MARA) Q2 net loss missed Wall Street expectations Monday as the cryptocurrency miner experienced an impairment of nearly $130M on its bitcoin (BTC-USD) holdings. Overall, "energization delays, maintenance and weather issues in Montana, and an approximately 56% decline in the price of bitcoin during the quarter, severely impacted our bitcoin production and financial results," said CEO and chairman Fred Thiel in a statement. Net loss of $1.75 per share fell short of the average analyst estimate of -$0.07 and widened from -$1.09 in the year-ago period. Similarly, revenue of $24.92M at the end of June missed the consensus of $29.7M and decreased from $29.3M at June 30, 2021, reflecting lower revenue per bitcoin mined, partially offset by an 8% increase in bitcoin production activity.Impairment of digital currencies mounted to -$127.6M at June 30 vs. -$11.1M at June 30, 2021.Q2 operating loss of $178.2M deepened from -$110.3M in Q2 of last year. Adjusted EBITDA was -$147.2M in Q2 vs. -$105.1M in Q1. Conference call at 4:30 p.m. ET (1:30 p.m. PT). Earlier, Marathon Digital produced 707 bitcoins in Q2.
SEC Hosts First-Ever Crypto Roundtable Today
