The Nasdaq-listed mining company Marathon Digital Holdings disclosed its results for the second quarter of 2021. Revenue for the quarter rose 220% to $29.3 million.
Revenues Increase 220% Q2 over Q1 2021 and 10,147% Year-over-Year to $29.3 Million with Non-GAAP Income from Operations of $20.1 Million $MARA #bitcoin https://t.co/RKuF9ndBqB
— Marathon Digital Holdings (@MarathonDH) August 13, 2021
During the period the company mined 654 BTC, and since the start of the year — 846 BTC. The company holds 5,784 BTC in wallets, which Marathon valued at $201.6 million.
The total number of ASIC devices deployed by the company reached 19,395. Their aggregate hash rate stands at 2.09 EH/s.
For the quarter, non-GAAP operating income was $20.1 million, or $0.21 per share. The metric excludes depreciation of equipment, losses from the decline in the price of mined cryptocurrency, and server maintenance contracts.
Also excluded from the calculations was the change in the fair value of the company’s investment fund, which in January 2021 acquired 4,812 BTC for about $150 million. For the first half of the year, the value of its assets rose by $16.9 million, while in Q2 it fell by $114.9 million.
As of July 30, cash and cash equivalents on the company’s balance sheet stood at $170.6 million. Total liquidity, which Marathon defines as cash and cryptocurrency reserves, rose to $366.5 million.
Marathon’s shares rose on the report. The securities closed the August 12 trading session down 3.81%, but at the time of writing they were trading near $35.50 (+6%).
On July 22, Fidelity Investments acquired a stake in Marathon Digital Holdings. Forbes valued the deal at $20 million.
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