Marathon Digital Misses Q1 Revenue Estimates, Blames Bad Weather

Bitcoin miner Marathon Digital has cited bad weather for falling short of analysts' revenue estimates in its Q1 earnings.

In its latest earnings report, Marathon Digital posted an increase of 223% in revenue to $165.2 million but the figure still fell below the $193.9 million target from Zacks.

2,811 Bitcoins were mined by the firm over the quarter, valued at $176.7 million and marking a 28% increase from the same period last year but a 34% drop from Q4. The average price of Bitcoin mined was 126% higher YoY.

"Bitcoin production, and therefore revenues, generated during the quarter was negatively impacted by unexpected equipment failures, transmission line maintenance, and higher than anticipated weather-related curtailments at Garden City and other sites during the quarter," the company said in a statement.

Marathon said it is on track to hit its hash rate target of 50 EH/s this year, marking a 100% growth in the hash rate.

The firm's stock price fell 1.5% in post-market trading and is down 14.3% year to date.

Marathon's earnings follow positive results from its peers. Yesterday, we reported on Bitcoin mining firm Core Scientific emerging valiantly from the ashes of bankruptcy.

In its Q1 earnings call, Core Scientific reported a total revenue of $179.3 million, up from $58.6 million one year ago. Net income came in at $210.7 million compared to last year's first quarter's $0.4 million net loss.

Meanwhile, Bitcoin mining firm Riot Platforms reported a company record for net income in Q1 2024. Although it failed to meet analyst's expectations, Riot's net income came in at a record $211.8 million, marking a 1,000% increase from the same time last year.