Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
Marathon Digital digital technologies are these electronic tools that have the ability to generate, store or even process data. posted negative Q2 2022 results, but reports that it increased Bitcoin production by 8% year-over-year.
- Marathon Reports Second Quarter Results
- Reported that it mined 8% more BTC than last year
- It had losses of USD $127.6 million due to falling prices.
Despite the current crisis, Marathon Digital one of the largest mining companies in the ecosystem. Bitcoin, has not stopped mining BTC. In fact, in recent years it has been investing in equipment and also has acquired Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. as an investment.
Now he sent a press release with the financial results for the second quarter of the year. The news it brings is not so good in relation to the company’s finances, but it clearly indicates that the production of BTC sigue.
The company revealed that even having increased its production by 8% compared to 655 mined in the second quarter of 2021, it recorded a USD $127.6 million impairment on holdings of Bitcoin due to the fall in the prices of Bitcoin in this period.
More BTC, less profit
On the recent earnings call, the company further reported that it produced 707 bitcoins during the period April-June 2022 , un número que es un 8% más alto que lo que produjo la compañía durante el segundo trimestre de 2021.
However, these 707 bitcoins produced constitute a 44% drop compared to the 1,259 bitcoins produced by the company in the previous quarter of 2022 (January-March).
The CEO of Marathon, Fred Thiel, attributed the drop to several energy issues that delayed the activation of miners at its Texas operation, and also to weather problems that affected the power generation process at the Montana facility.
Even as the company reported a net loss of USD $191.6 million, Thiel was positive about the company’s recovery. In the statement, he declared:
Power delays, maintenance and weather issues in Montana, and an approximate 56% decline in the price of bitcoin during the quarter, severely impacted our bitcoin production and financial results. These items reduced our revenues, caused us to record a $127.6 million impairment of our bitcoin holdings and reduced the fair market an area or arena, online or offline, in which commercial dealings are conducted. value of our investment fund by $79.7 million.
However, given the groundwork we laid during the quarter and the progress we have made since then, we are optimistic that Marathon’s operational and financial positioning is improving.
The company had 10,055 bitcoins invested as of June 30.
Goal: produce more BTC in Q3
The company, which faced a number of issues last quarter, is working to improve its situation in the near future. Thiel said that the power issues at the Texas facility have been resolved and that 40,000 of the 68,000 miners at the facility are now activated and powered up, ready to produce bitcoin by the third quarter, improving the company’s capacity.
Thiel also referred to the recent agreement that he signed Marathon to increase its power capacity to 254 MW, which will be necessary to reach the goal of 23.3 EH/s (exhash per second) of mining capacity of Bitcoin para 2023. La compañía también está haciendo estudios para sustituir parte de su flota minera para lograr una mayor eficiencia. Dijo el CEO:
With miners contributors to a blockchain taking part in the process of mining. They can be professional miners or organizations with large-scale operations, or hobbyists who set up mining rigs at home or in the office. currently online in Texas, we have greater confidence that our bitcoin production can improve in the short a trading technique in which a trader borrows an asset in order to sell it, with the expectation that the price will continue to decline. In the event that the price does decline, the short seller will then buy the asset at this lower price in order to return it to the lender of the asset, making the difference in profit. term.
Añadió: “Durante julio, también eliminamos la incertidumbre en torno a nuestros requisitos de alojamiento al asegurar suficiente capacidad de alojamiento para lograr nuestro objetivo anterior de 23,3 exhashes por segundo de potencia informática para respaldar y proteger la red de Bitcoin. Desde una perspectiva financiera, reforzamos aún más nuestra posición de liquidez al expandir nuestras líneas de crédito con Silvergate Bank. Además, estamos en el proceso de actualizar nuestra flota para que, cuando alcancemos los 23,3 exhashes por segundo, esperemos que aproximadamente el 66 % de nuestra tasa de hash a hash is the output result of a hashing algorithm, which creates a unique, fixed-length string to encrypt and secure a certain selection of arbitrary data. sea generada por S19 XP, que son un 30 % más eficientes energéticamente que la generación anterior”.
He stressed: “With these updates, we believe Marathon’s bitcoin mining a process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created. fleet will not only be among the largest, but also among the most efficient per terahash. Overall, this progress gives us greater confidence that we remain on track to grow our position as a leader in supporting and securing the Bitcoin ecosystem.”
Sources: Marathon press release, Bitcoin.com , archive
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