Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets
The shares of bitcoin miner Marathon Digital fell as much as 8% on Thursday post-market trading after the company's second quarter revenue missed Wall Street's expectations. The shares have recouped some of their losses since then.
"During the second quarter of 2024, our BTC production was impacted by unexpected equipment failures and transmission line maintenance at the Ellendale site operated by Applied Digital, increased global hash rate, and the April halving event,” said Fred Thiel, the firm's CEO, in a The miner also said that its second quarter adjusted EBITDA swung to a loss of $85.1 million from a gain of $35.8 million in the previous year, mainly due to unfavorable fair value adjustments of its digital assets and lower BTC being mined in the quarter.
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