Miners from Marathon Digital reported a loss of $13 million

The American mining company Marathon Digital recorded revenue growth in the first quarter of 2022, however, large-scale investments in development and the depreciation of BTC led to a loss of $13 million.

In the financial statement published the day before report The company says that Marathon Digital’s revenue for January-March amounted to $51.7 million, which is 465% more than in January-March last year, but 13% less than the previous quarter. At the same time, in the first quarter of 2022, the company mined 1,259 bitcoins – an increase of 556% compared to the same period in 2021 and 15% compared to October-December.

Losses are associated with the depreciation of bitcoin. The reserves of the first cryptocurrency at the disposal of Marathon Digital amount to 9,374 BTC, and the change in the rate led to unrealized losses in the amount of $19.6 million. The capitalization of the company’s investment fund also decreased by $5.5 million. The financial results were superimposed by a constant increase in the number of miners – over the past quarter, the figure increased by 14%, to 36,830 devices. The total hashrate of the equipment reached 3.9 Eh/s.

“Our main goal for 2022 remains the installation of equipment. Given the growth rate, we can reach a hash rate of 23.3 EH/s as early as early 2023. We believe that 2022 will be a year of transformation for Marathon, with about 200,000 devices in the process of receiving and installing. In addition, we plan to become fully carbon neutral,” says CEO Fred Thiel.

Before the end of the year, Marathon Digital plans to completely switch to the use of renewable energy sources. To do this, the equipment will be transported from Montana to other locations.