Marathon Digital Holdings Optimistic Despite Q4 Losses

The Florida-based Bitcoin mining company recorded a loss of $686.7 million or $6.05 per share, a considerable increase from the $37.1 million or $0.37 per share loss from the previous year.

The company attributes these losses to a $332.9 million impairment charge related to the carrying value of mining rigs and advances to vendors, as well as a $317.6 million charge associated with the carrying value of its digital assets. The drop in Bitcoin prices, Hardin facility exit costs, and increased depreciation costs also impacted the bottom line, with total quarterly revenue falling by approximately 58% YoY to $28.42 million.

Despite these challenges, Marathon Digital remains optimistic. CEO Fred Thiel highlighted the resilience of the company, stating, “2022 was a difficult year to be a Bitcoin miner, but our team met each challenge head on, and we emerged smarter and more resilient.” The company has set two primary goals for 2023: energizing previously purchased mining rigs to reach a target of 23 exa-hashes by mid-year and optimizing overall performance.