Share this article
Bitcoin Miner Marathon Digital Misses Q3 Revenue Estimates, Lowers Hashrate Outlook for 2022
The miner is targeting 9 EH/s for the end of the year, but continues to guide to 23 EH/s by the middle of 2023.
Updated May 9, 2023, 4:01 a.m. Published Nov 8, 2022, 10:09 p.m.
Marathon Digital (MARA), one of the largest bitcoin miners in the world, reported third quarter revenue of $12.7 million, shy of the average analyst estimate of $23.4 million, according to FactSet data.
Net loss per share was 72 cents for the quarter, worse than the average estimate of 15 cents as per FactSet.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Shares fell 5.1% in the regular session Tuesday alongside a steep drop in bitcoin to about $18,000. The stock's lower by another 2.2% in after hours action.
In addition to the miss, Marathon trimmed its year-end 2022 computing power, or hashrate expectations from previous guidance of 11.5 exahash/second (EH/s) to 9 EH/s. The company, however, reiterated its goal to have 23 EH/s of computing power running mid-2023. Hashrate as of Nov. 1 was 7 EH/s.
CEO Fred Thiel called the quarter a transitionary period as his company exited a site in Hardin, Montana, and began energizing operations in Texas.
The lowering of year-end hashrate guidance isn't totally unexpected as doubts had previously emerged about Marathon’s ability to deliver on that prediction, with Jefferies in a note on Monday saying the company faced downside risks on its growth targets.
The first risk, said Jefferies, is Marathon's expectation of 3.2 EH/s to be plugged into a Compute North facility in Texas. In addition to regulatory delays, there's the issue of Compute North's bankruptcy, and whether Marathon might have to renegotiate terms with the hosting company. The other risk, said the bank, is 12.2 EH/s expected from Applied Blockchain (APLD) facilities in North Dakota and Texas, which are also facing regulatory delays.
Speaking on the earnings call, Thiel said Marathon expects a positive answer soon from Texas regulators regarding Compute North's site. Thiel also said the company is looking for opportunities overseas, specifically South America, the Middle East and parts of Asia.
Read more: Crypto Miner Marathon Digital Mines Record 615 Bitcoin in October
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
What to know:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
Top Stories
