Sources
Loading...
Additional media
Loading...
DeepNewz, mobile.
People-sourced. AI-powered. Unbiased News.
Marathon Digital reported a significant net loss of $200 million for Q2 2024, primarily due to a $148 million fair market value drop in digital assets. The company also disclosed that it sold over 50% of the Bitcoin it mined during the quarter to fund operating costs. Despite a 78% increase in revenue to $145.1 million, Marathon Digital missed Wall Street's revenue expectations of $157.9 million, leading to a pre-market 6.3% drop in its share price. The company's output was affected by increased global hash rates and equipment failures, which were compounded by this year's Bitcoin halving. Meanwhile, Galaxy Digital recorded a net loss of $177 million for the second quarter, attributed to a decline in trading revenues and reduced mining profitability amid a 12% drop in Bitcoin prices. Galaxy Digital's shares fell nearly 12% on the news.
MARATHON DIGITAL MISSES Q2 REVENUE TARGETS Marathon Digital reported lower-than-expected Q2 revenue of $145.1 million, missing the projected $157.9 million. The company faced operational difficulties, including equipment failures and the Bitcoin halving, leading to an adjusted… https://t.co/GiymPYs4JS
MARATHON DIGITAL SHARES DROP AFTER MISSING Q2 REVENUE EXPECTATIONS Marathon Digital missed revenue targets, pulling in $145.1M vs. the expected $157.9M. Their mining faced issues due to equipment failures and the recent Bitcoin halving, causing shares to drop 8%. They’re still… https://t.co/rg2DRprMDH
GALAXY DIGITAL POSTS $177 MILLION LOSS IN Q2 Galaxy Digital reported a $177 million loss for Q2, reflecting challenges in the crypto market, including a significant drop in trading revenues and reduced mining profitability. The company’s spot BTC and ETH ETFs, launched with… https://t.co/cVNsWREHVY