Bitcoin Miner Marathon Digital Misses 3Q Earnings and Revenue Estimates

Marathon Digital (MARA), one of the largest bitcoin miners in North America, missed third-quarter earnings and revenue expectations.

The miner reported a third-quarter loss of $0.35 per share versus analyst estimate of a loss of $0.11 per share, according to FactSet data. Third quarter revenue was $97.8 million compared to an estimate of $99.6 million.

Marathon produced 3,490 bitcoins during the third quarter, up from 2,926 in Q2 and 616 in Q3 one year ago. The company sold 66% of the bitcoin produced last quarter to pay for operating costs, according to the statement.

The firm also said it sees 2023 bitcoin mining power, or hash rate, to reach 26 exahashes per second (EH/s) and expects to grow its hash rate by about 30% in 2024. If the company manages to hit the guidance for this year, it will become the largest publicly traded mining company in terms of hashrate.

Core Scientific (CORZQ), a miner expecting to emerge from bankruptcy in the fourth quarter, has about 22 EH/s mining power.

MARA stock was lower by 6.9% during the regular session Wednesday; in after hours trading, shares have bounced a modest 0.8%. The stock rose nearly 140% this year, outperforming the 73% bitcoin (BTC) price gain.

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