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Marathon Digital Q2 results miss revenue and earnings forecasts

Despite the earnings miss, Marathon's CEO said it mined a record 2,926 Bitcoin over the second quarter of 2023.

Crypto mining firm Marathon Digital missed earnings and revenue expectations with its second-quarter 2023 results.

Marathon's Q2 2023 results on Aug. 8 reported revenues of $81.8 million compared to Zacks Investment Research's estimate of $83.2 million.

The crypto miner reported a earnings per share net loss of 13 cents compared to Zacks' estimate of a 3 cents per share loss.

Marathon's share price largely remained sideways after market close, recording a 1.65% drop in after-hours trading to around $15.50 per share according to Google Finance.

Marathon's share price largely remained sideways after market close. Source: Google Finance

Marathon’s chairman and CEO Fred Thiel said in a press release that the firm significantly grew its hash rate and improved efficiency over the quarter.

“In Q2, we grew our energized hash rate 54% from 11.5 to 17.7 exahashes," Thiel reported. He added Marathon also increased its Bitcoin (BTC) production with a record 2,926 Bitcoin mined during the quarter, representing around 3.3% of the network's rewards over that time.

Marathon reported a $23.4 million gain due to selling 63% of the Bitcoin mined in the quarter, used to fund operating costs. Impairment charges on the value of its held digital assets were $8.4 million.

This is a developing story, and further information will be added as it becomes available.

Sam Bankman-Fried might get early release, suggest legal experts

Court to Try 2 Russians for Stealing 86 Bitcoins From Crypto Miner

Court to Try 2 Russians for Stealing 86 Bitcoins From Crypto MinerTwo residents of the Russian city of Tomsk will be tried for “large-scale robbery” involving the theft of cryptocurrency worth millions of rubles from a local miner. The digital coins were stolen from the owner at gunpoint, authorities said, adding that both criminals are now in custody. Thieves Face Trial in Russia for Armed Robbery […]

Sam Bankman-Fried might get early release, suggest legal experts

Bitcoin miner Hut 8 takes stoush with Ontario power supplier to court

The lawsuit escalates a months-long dispute between the crypto miner and one of its energy suppliers in Canada.

Canada-based Bitcoin (BTC) miner Hut 8 Mining Corporation has ramped up its ongoing fight with its power supplier for one of its mining sites, filing a lawsuit in a Canadian court.

Hut 8 said on Jan. 26 it filed a Statement of Claim in the Superior Court of Justice of Ontario against Validus Power, an energy supplier for a Hut 8 mining facility in North Bay, Ontario.

The firms have been in an ongoing dispute since early November 2022 due to what Hut 8 alleges is a failure by Validus to “meet its contractual obligations” for the power purchase agreement (PPA).

In its new lawsuit, Hut 8 is seeking “monetary damages incurred as a result of the dispute” and enforcement of certain provisions as per the agreement signed by the two companies.

Hut 8 and Validus started working together in late 2021 with Validus initially providing 35 megawatts (MW) of power to North Bay, but was slated to provide around 100 MW by the end of 2021.

A June 2022 photo from the North Bay facility showing multiple ASIC crypto miners. Source: Hut 8

On Nov. 9, 2022, Hut 8 issued a notice of default to Validus alleging it failed to achieve milestones by the dates outlined in the PPA and claimed the firm demanded Hut 8 pay for energy that was at a higher price than that under the terms of the agreement.

An update from Hut 8 later that month revealed Validus suspended the delivery of energy to its North Bay site. Validus fired back with its own default notice alleging Hut 8 failed to pay for its power charges — a claim Hut 8 denies.

To this date, operations at the site remain suspended. Hut 8 said it’s exploring alternatives to mitigate the impact of the dispute including through “organic and inorganic growth opportunities.”

Related: Bitcoin miners’ worst days may have passed, but a few key hurdles remain

Before it was taken offline, the North Bay site had 8,800 crypto mining rigs and a hash rate capacity of 0.84 exahashes per second (EH/s), accounting for over one-fourth of its total production capacity, according to a December 2022 investor deck.

Cointelegraph contacted Validus and Hut 8 for comment but did not receive an immediate response from either firm.

Sam Bankman-Fried might get early release, suggest legal experts

Crypto Miner Convicted in Russia for Allegedly Stealing Power to Mint Digital Coins

Crypto Miner Convicted in Russia for Allegedly Stealing Power to Mint Digital CoinsA regional court has sentenced a man accused of illegally connecting his crypto farm to the grid to two years in prison. The decision comes as authorities in Moscow prepare to address the lack of proper regulations for cryptocurrency mining, which has become a popular source of income in Russia. Illegal Crypto Farm Burns 1.3 […]

Sam Bankman-Fried might get early release, suggest legal experts

IT Specialist Caught Mining Cryptocurrency at Police Headquarters in Poland

IT Specialist Caught Mining Cryptocurrency at Police Headquarters in PolandPolish police have uncovered a secret crypto mining operation at their headquarters in Warsaw, local media reported. An IT specialist accused of minting digital coins on police computers has been dismissed and the case has been handed over to the Prosecutor’s Office. Polish Police Force Fires IT Specialist for Crypto Mining at Work Officers from […]

Sam Bankman-Fried might get early release, suggest legal experts

Riot Blockchain Bitcoin production jumps 80% over pre-halving levels

The company said it held more than $94 million in crypto as of March 31, all from Bitcoin it has mined.

In an announcement on Monday, Riot Blockchain reported that it produced 187 Bitcoin (BTC) — roughly $11.2 million — last month, an 80% increase over its BTC mining in March 2020. The company said it held more than 1,565 Bitcoin on its balance sheet as of March 31, representing more than $94 million in crypto.

The mining report follows Riot's $138 million purchase of 42,000 S19j Antminers from crypto mining giant Bitmain. Roughly 6% of the rigs — 2,400 Antminers — are reportedly already on route to Coinmint’s facility in New York, where Riot runs a portion of its mining operations. By the end of April, Riot claimed it will have 16,146 Antminers in operation capable of producing 1.6 exahashes per second.

As more of the Antminers are put into operation, Riot expects its hashing power to rise significantly. By the end of the year, the mining firm expects to achieve a hash rate capacity of 3.8 EH/s, while the total fleet capacity of 81,146 Antminers — expected to be fully operational before the fourth quarter of 2022 — may produce a hash rate of 7.7 EH/s. According to blockchain data, this would represent more than 4% of the hash rate of the entire Bitcoin network, roughly 171 million terahashes per second at the time of publication.

Riot is also reportedly planning to purchase a major mining facility in the state of Texas. The mining firm said last week that it would buy the Northern Data-owned Whinstone company for $650 million. The deal would seemingly allow Riot to run its rigs in Texas with a total capacity of 750 megawatts, with an additional 300 MW expansion planned.

Sam Bankman-Fried might get early release, suggest legal experts