In the second quarter of 2024, Marathon Digital’s business lost a total of $199.7 million because of unexpected machine breakdowns and the April bitcoin halving event.
Year over year, the company’s sales went up by 78% to $145.1 million. In the Nasdaq trade, MARA shares fell 7.78%. The price of its shares has dropped 20.89% so far this year.
In Q2 2024, the company’s total hash rate hit a new high of 31.5 EH/s. By the end of the year, it wants to reach 50 EH/s. Marathon’s output of 2,058 bitcoins in the second quarter was 30% less than in the same quarter of 2023.
Since bitcoin was cut in half in April, many Bitcoin mining companies have been trying to make more money and mine more bitcoins. Marathon said it paid for its operating costs by selling 51% of the Bitcoin it mined in the third quarter.
MicroStrategy, a business intelligence company, has purchased 12,222 bitcoins for $805.2 million since Q2 2024, bringing its total shares to 226,500 BTC. In Q2, the company made $24.1 million from subscription services, a 21% increase from Q2 2023, but overall sales dropped 7.4% to $111.4 million.
