Total revenue hit $24.9 million and the company recorded a net loss of $191.6 million (-$1.75 per share). It was a rough quarter for all crypto stocks as Bitcoin plummeted after the Terra Luna collapse. Q2 Bitcoin production was 707 BTC (Up 8% YoY) while Bitcoin's price dropped 57% during the same period. The company lost nearly 30,000 miners for several weeks, which severely impacted its total mining production in Q2 2022. A massive storm struck the town of Hardin, Montana on June 11th and caused 75% of Marathon's miner to go offline. The company suffered a massive drop in Bitcoin production due to the Montana mining facility shut down in July. Now, I want to shift gears and cover how Marathon is doing after reading their latest Q2 2022 quarterly report.
My MARA stock article talked extensively about why the 2024 Bitcoin halving is such an important event.
#Azioni cleanspark update#
In this article, I'll provide a thorough update on Marathon Digital's business and give several reasons why I bought back into Marathon Digital stock. While most BTC miners have sold off their Bitcoin to keep the lights on, I was impressed by Marathon's die-hard HODL strategy in the company's most recent Q2 quarterly report. I'm extremely bullish on Bitcoin & blockchain technology in the long run and don't mind picking up MARA stock at a discount. I'm pivoting to undervalued growth stocks during the current bearish downtrend.Īfter Bitcoin recently crashed, I decided to move some funds into my favorite crypto mining stock, Marathon Digital Holdings (MARA).īitcoin sold off recently due to rate hike fears after investors received the July 2022 Fed minutes notes. Marathon Digital became the first North American Bitcoin miner to hold over 10,000 BTC on its balance sheet. Marathon Digital: Buy This Bitcoin Mining Stock During Crypto Crashīitcoin is down to around $21,000 after the recent crypto selloff due to Fed rate hike fears. 30), SA contributor the Digital Trend says it can't get much worse for bitcoin Aug 26 Meanwhile, crypto exchange stock Coinbase (NASDAQ:COIN) gained 5.6% during the month and digital asset management firm Galaxy Digital (OTCPK:BRPHF) only slipped 0.37% in August. Bitfarms (NASDAQ:BITF) was the next worst, dropping 9.2% (but still better than bitcoin's 14% decline.) Of a group of nine bitcoin miners (table below), Bit Mining (BTCM) shares fared the worst, plunging 41%. SOS Limited (NYSE:SOS) stock gained 6.8% in August, but fell 5.1% on Thursday. During the month, bitcoin (BTC-USD) fell 14%, while most mining stocks fared better. The stocks, though, may be catching up with bitcoin's drop over the month of August. All Rights Reserved.Bitcoin mining stocks start off September on a down noteīitcoin mining stocks fell faster than bitcoin (BTC-USD) in Thursday trading, even as bitcoin appears to be finding support at ~$19.6K.īitcoin (BTC-USD), the world's largest cryptocurrency by market cap, is down 1.7% in the past 24 hours to $19.8K at ~4:02 PM ET meanwhile Riot Blockchain (NASDAQ:RIOT) dropped 4.5%, Marathon Digital (NASDAQ:MARA), -2.9%, Hive Blockchain Technologies (NASDAQ:HIVE), -4.7%, Hut 8 Mining, -3.5%, BIT Mining (NYSE:BTCM) -5.2%, and CleanSpark (NASDAQ:CLSK), -4.7%. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2019 and/or its affiliates. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc.
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