• Marathon Digital with massive loss in the third quarter of 2022
    • Bitcoin production hits a new record in October
    • Only one listed company owns more bitcoins than Marathon Digital

    According to Marathon Digital CEO Fred Thiel, the third quarter was a time of “transition and rebuilding” for the mining company. For example, according to the press release, bitcoin production in Hardin, Montana was completely abandoned during this period and relocated to Texas after a summer storm shut down the Montana facility for an extended period of time. The failure was reflected in the quarterly balance sheet: Marathon’s net loss for the quarter was $75.4 million – or $0.65 per share – more than three times as high as in the quarter same period last year. Revenue fell from $51.7 million to $12.69 million due to the loss of production and declining bitcoin prices. The Marathon share also went down after the balance sheet presentation. Since the beginning of the year, the share has already lost 75.56 percent in value (as of the closing price on November 17, 2022).

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    October was Marathon’s most productive month yet in terms of Bitcoins mined

    However, Marathon also announced good news with the presentation of the quarterly figures. Bitcoin production in the past quarter fell by 51 percent year-on-year to 616 coins, but between January 1 and September 30, 23 percent more bitcoins were mined. “We sequentially improved our bitcoin production each month during the quarter by increasing our hash rate from approximately 0.7 exahashes per second in early July to 3.8 exahashes per second by September 30,” said Thiel quoted in the press release. By November 1, the hash rate was already 7 exhashes per second. In addition, October was “the most productive month in the history of Marathon [gewesen]both in terms of hash rate growth and bitcoin production,” said Thiel.

    As Marathon writes in a tweet, 615 Bitcoin were mined in October, almost as many as in the entire third quarter, when the company was able to mine 616 Bitcoin. “The steady improvement in our bitcoin production is a direct result of increasing our hash rates by bringing more bitcoin servers online and improving those servers,” the Marathon CEO said during the earnings call, according to Cointelegraph.

    These listed companies hold most of the Bitcoins

    In total, Marathon held 11,285 bitcoins, worth approximately $188.35 million at the current bitcoin price of $16,691 (as of November 17, 2022), according to a press release on Nov. 2. As Thiel confirmed during the conference call, according to Cointelegraph, Marathon has not yet sold any of the bitcoins it has mined. They also want to hold on to the coins for the future, unless a sale is “necessary to cover operating costs or other expenses”.

    Thanks to the bitcoins mined since the beginning of the third quarter, Marathon has risen to second place among the listed companies with the largest holdings of the original cybercurrency. As can be seen from data from “CoinGecko”, Marathon Digital was able to overtake the crypto exchange Coinbase, which owns 9,000 bitcoins. However, “CoinGecko” only lists Marathon’s bitcoin holdings at 10,054 bitcoins, contrary to their own press release. However, this does not matter for the placement, because the data analysis company MicroStrategy is in first place among the largest listed Bitcoin owners worldwide. As part of the balance sheet presentation for the third quarter of 2022, it announced that as of September 30, 2022 it held a whopping 130,000 Bitcoins. Incidentally, in fourth and fifth place among the largest listed Bitcoin holders are Block, still listed under the old name Square at “CoinGecko”, with 8,027 Bitcoins held, and the Canadian mining company Hut 8 Mining with 7,078 Bitcoins. Although these companies are undoubtedly among the Bitcoin whales, their market dominance is not very large: According to “CoinGecko”, all of the 23 stock exchange companies named on the list together hold only 0.91 percent of the 21 million Bitcoin that can be mined in total.

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