Mining company Marathon Digital mined only 2,811 bitcoins in the first quarter, lower than expected
Bitcoin mining company Marathon Digital (MARA) faced operational challenges in the first quarter and its revenue did not meet expectations. The company only mined 2,811 bitcoins in the first quarter of this year, a 34% decrease from the previous quarter. After-hours trading on Thursday saw the company's stock price fall by about 1.5%.
In a statement, the company said that bitcoin production and revenue in this quarter were negatively affected by unexpected equipment failures, power line maintenance, and higher-than-expected power outages related to weather in Garden City and other locations this quarter.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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