Marathon Digital Holdings, One of The Largest Bitcoin Self-Mining Companies, Produced 1,259 Bitcoins in Q1 2022
Marathon Digital Holdings Produced 1,259 Bitcoins in Q1 2022
Marathon Digital Holdings, one of the largest enterprise Bitcoin self-mining companies in North America, reported its financial and operational results for the quarter ended March 31, 2022.
Revenue increased to $51.7 million, an increase of $42.6 million, or 465%, from the prior-year quarter and a decrease of $8.6 million, or 14%, from the fourth quarter of 2021.
Bitcoin production increased to 1,259 bitcoin during the period, a 556% increase from the prior-year quarter and a 15% increase from the fourth quarter of 2021. The revenue decline from the fourth quarter of 2021 was the result of an approximate 25% decrease in average revenue per bitcoin mined, partially offset by the increase in bitcoin production during the first quarter of 2022.
Despite higher earnings contributions resulting from the expansion of the Company’s bitcoin mining operations, GAAP net loss for the quarter totaled $13.0 million, or ($0.13) per share, compared to net income of $83.4 million, or $0.87 per diluted share, in the prior-year quarter. The current-year quarter includes $19.6 million in impairment charges related to self-mined bitcoin held by the Company and a $5.5 million decrease in the fair market value of the Company’s investment fund. The prior-year period included $0.7 million in impairment charges related to self-mined bitcoin held by the Company and a $131.8 million increase in the fair market value of the Company’s investment fund.
Total margin, defined as revenues less cost of revenue, increased $18.6 million from the prior-year period. Total margin excluding the impact of depreciation and amortization increased $35.8 million from the prior-year period.
Adjusted EBITDA for the quarter totaled $39.4 million, an increase of $33.3 million from the prior-year period. The year-over-year increase was primarily related to the higher total margin excluding depreciation and amortization, which resulted from increased mining activities.
As of March 31, 2022, cash on hand was $118.5 million. Total liquidity available to the Company, defined as cash on hand plus available revolving credit facilities, was $218.5 million. Additionally, the Company held approximately 9,374 bitcoin with an approximate fair market value of $427.7 million at March 31, 2022.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Marathon Digital Holdings, One of The Largest Bitcoin Self-Mining Companies, Produced 1,259 Bitcoins in Q1 2022
Marathon Digital Holdings Produced 1,259 Bitcoins in Q1 2022
Marathon Digital Holdings, one of the largest enterprise Bitcoin self-mining companies in North America, reported its financial and operational results for the quarter ended March 31, 2022.
Revenue increased to $51.7 million, an increase of $42.6 million, or 465%, from the prior-year quarter and a decrease of $8.6 million, or 14%, from the fourth quarter of 2021.
Bitcoin production increased to 1,259 bitcoin during the period, a 556% increase from the prior-year quarter and a 15% increase from the fourth quarter of 2021. The revenue decline from the fourth quarter of 2021 was the result of an approximate 25% decrease in average revenue per bitcoin mined, partially offset by the increase in bitcoin production during the first quarter of 2022.
Despite higher earnings contributions resulting from the expansion of the Company’s bitcoin mining operations, GAAP net loss for the quarter totaled $13.0 million, or ($0.13) per share, compared to net income of $83.4 million, or $0.87 per diluted share, in the prior-year quarter. The current-year quarter includes $19.6 million in impairment charges related to self-mined bitcoin held by the Company and a $5.5 million decrease in the fair market value of the Company’s investment fund. The prior-year period included $0.7 million in impairment charges related to self-mined bitcoin held by the Company and a $131.8 million increase in the fair market value of the Company’s investment fund.
Total margin, defined as revenues less cost of revenue, increased $18.6 million from the prior-year period. Total margin excluding the impact of depreciation and amortization increased $35.8 million from the prior-year period.
Adjusted EBITDA for the quarter totaled $39.4 million, an increase of $33.3 million from the prior-year period. The year-over-year increase was primarily related to the higher total margin excluding depreciation and amortization, which resulted from increased mining activities.
As of March 31, 2022, cash on hand was $118.5 million. Total liquidity available to the Company, defined as cash on hand plus available revolving credit facilities, was $218.5 million. Additionally, the Company held approximately 9,374 bitcoin with an approximate fair market value of $427.7 million at March 31, 2022.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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