Marathon Digital misses Q1 estimates on bad weather, utility failures
The Bitcoin miner’s top line came below expectations due to “unexpected equipment failures” and worse-than-predicted weather at multiple mining sites.
Bitcoin (BTC) miner Marathon Digital missed Wall Street analysts’ revenue estimates in its first quarter 2024 results, blaming bad weather and equipment failures.
Marathon’s Q1 revenues increased 223% year-on-year to $165.2 million in results shared on May 9 — but it still missed the $193.9 million estimate from investment analyst firm Zacks by 14.80%.
The firm mined 2,811 BTC over the quarter, currently worth $176.7 million, a 28% bump from a year ago but down 34% from the 4,242 BTC mined in Q4 2023.
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Author: Jesse Coghlan
