Bitcoin miner Marathon expected to see revenue triple in Q4

Marathon is expected to post triple the revenue it brought in during the third quarter for its fourth-quarter earnings after the U.S. close today.

The miner is expected to report $38.4 million in revenue, which is still down year-over-year from $60.3 million, according to analyst estimates compiled by FactSet.

Estimates for net loss are also looking better, with analysts projecting $24 million, compared to $75.4 million in the three months before and a net income of $11.5 million in the fourth quarter of 2021.

Marathon’s mining capacity ramped back up in the last quarter as it moved a large portion of its hardware into a wind-powered site in Texas after pulling them out of another site in Montana.

Miners are still struggling due to months of operating at depressed margins, but January has been kinder with bitcoin surging back up to August levels at around $23,000.

Marathon increased bitcoin production in January by 45% month-over-month as it was able to “address the maintenance and technical issues” at its site in Texas, CEO Fred Thiel said earlier this month.

“We believe the improvements in our operational efficiency, along with the proactive measures we have taken to strengthen our balance sheet, have placed Marathon in a strong position to achieve our growth and operational targets in 2023.”

The miner reached a hashrate capacity of 7.3 EH/s at the end of January, having set a target of 23 EH/s by mid-2023.

Source: https://www.theblock.co/post/215493/bitcoin-miner-marathon-expected-to-see-revenue-triple-in-q4?utm_source=rss&utm_medium=rss