Krypto Miner Marathon Digital records a net loss of $ 192 million in the second quarter

Krypto Miner Marathon Digital records a net loss of $ 192 million in the second quarter

The cryptocurrency miner Marathon Digital recorded a net desire of around 192 million etc. in the second quarter-mainly due to Bitcoin price , This was shared on Monday with .

The loss rose compared to the net loss of $ 109 million in the second quarter of 2021. The mining-rig operator also recorded a record value adjustment of $ 127 million on its Bitcoin stocks every three months.

marathon broke down 707 bitcoins in the second quarter, which corresponds to a decline of 44 % compared to the previous quarter, which is due to delays in the power supply in Texas as well as maintenance and weather-related problems that affected its power generation plant in Montana.

The share price of Marathon Digital closed on Monday at $ 14.43 - an increase of about 1.8 % that day. The share, which has fallen by 56 % since the beginning of the year, has recovered by about 85 % last month.

The results come after the company said last week that it expanded its credit facilities with the cryptofocussed Silvergate Bank. Marathon refinanced its existing revolving credit line of $ 100 million and added a limited loan of $ 100 million on July 28. Both facilities are secured by Bitcoin and due in July 2024.

Chase White, David Rochester and Joe Flynn, Analysts from Compass Point Research & Trading, wrote in a research note on August 5 that mature miners such as Marathon Digital and Riot Blockchain have started to exceed among the miners - an increase of 150 % and 95 % from quarter before date.

miner has declined by 67 % this year, and Stronghold Digital, which has decreased by 80 %, has cited the decline.

The analysts of Compass Point, which had previously assumed that marathon would have to start selling Bitcoin to make ends meet, wrote that the additional money from the loans will make it possible for the company to benefit from a Bitcoin price reversal instead.

"We think that it was an advantage for marathon to support its balance sheet during the current market depressions with cash, which should also make Mara make existing payments for planned miner deliveries," said White, Rochester and Flynn. "We also believe that the conditions are favorable and the ability of Mara proves to receive more cost -effective financing in view of its size."

On July 31, Marathon kept 10,127 Bitcoins (BTC) worth around $ 236 million.

Charlie Schumacher, Vice President for Corporate Communication at Marathon, said Blockworks last month that the company's decision to keep Bitcoin was a strategic decision is not necessarily a principle.

"In view of the fact that we produce BTC with a fairly healthy margin, it can make sense for us to sell part of our monthly Bitcoin production when our production is up to need to finance the monthly operating costs," he said.

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The contribution Krypto Miner Marathon Digital reports net loss of $ 192 million in the second quarter.