TechFlow news — Marathon Digital, a mining company, released its Q2 2023 financial results. Its computing power increased by 54%, rising from 11.5 EH/s to 17.7 EH/s. The company produced 2,926 BTC during the quarter, up 33% from 2,195 BTC in Q1. This output accounted for 3.3% of Bitcoin network rewards.
In addition, Marathon sold 63% of the BTC mined in Q2 to cover operating expenses, raising $23.4 million. The company reported a net loss of $21.3 million in the quarter, wider than the previous quarter's net loss of approximately $7 million. Marathon reported an adjusted loss per share of $0.13 and revenue of $81.8 million, both falling short of analyst expectations.
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