bitcoin (BTC) mining company Marathon Digital Holdings is now considered the second largest holder of Bitcoin in the world among publicly traded companies.
During the company’s third quarter earnings to call On November 8th, Marathon Digital CEO Fred Thiel revealed that the company now holds 11,300 Bitcoin, worth around $205 million, “making Marathon the second largest Bitcoin holder among the listed companies worldwide,” referring to unidentified third-party data.
According to for CoinGecko, the NASDAQ-listed crypto miner ranks second after MicroStrategy Inc., containing almost 130,000 bitcoins in total. It is followed by the cryptocurrency exchange Coinbase and the payment company Block Inc., founded by Jack Dorsey.
The company reported your third-quarter earnings on November 1. On Oct. 8, he noted that he added 616 Bitcoin to his holdings in the quarter, while another 615 Bitcoin was added in the month of October alone, the most productive month in the company’s history.
.@fgthiel: “We have sequentially improved our bitcoin production, from 72 bitcoins in July to 184 in August, then to 360 in September, and then to a record 615 in October. October was the most productive month in our company’s history… ” pic.twitter.com/wsfv0XOIuV
— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) November 8, 2022
“The constant improvement in our Bitcoin production is a direct result of increasing our hash rates by bringing more Bitcoin servers online and upgrading those servers,” Thiel said during the conference call.
The CEO of Marathon Digital also confirmed that, to date, the company has yet to sell any of its Bitcoin and will continue to hold that position unless deemed “necessary to cover operating expenses or other expenses.”
This differs from other major miners such as Argo, Bitfarms, Core Scientific, and Riot Blockchain, all of whom had reported sell coins to pay the bills.
Thiel also used the call to mention the “battle” between Binance CEO Changpeng Zhao and Sam Bankman-Fried, which he says is causing “disturbance” for bitcoin price but he said he would probably go back to a range of around $18,000 to $20,000, in which “they feel very comfortable.”
However, the Bitcoin miner’s earnings took a beating in Q3, with its net loss nearly tripling compared to a year earlier, reaching $75.4 million, while revenue fell 75.5% year-on-year to $12.7 billion.
$MARAFinancial results for the third quarter of 2022 are available:
– Constant improvement in #BTC production
– Increased hash rate by 84% since September. 30 to November a
– 69,000 active servers as of November. a
– Increase to date #BTC production 27% year-on-year as of Oct. 31https://t.co/2X1Yn6wnGv
— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) November 8, 2022
Both metrics did not meet analyst expectations as the departure of a miner from his Montana facility and falling Bitcoin prices led to lower BTC production in the quarter.
Thiel called the third quarter a period of “transition and rebuilding” after his departure from Hardin and beginning his capabilities at new locations, including the King Mountain Wind Farm in Texas.
related: Bitcoin Miner Iris Energy Faces $103M Default Claim From Creditors
on nov 7, Rival Bitcoin Riot Blockchain Mining Firm Too reported third-quarter earnings that missed analysts’ expectations.
The company’s total revenue was down 28.5% in the third, while its net loss widened 139.2% due to “significant downsizing activities” related to its Texas activities, and a significant price decline. of Bitcoin market compared to a year ago.
Riot Blockchain and Marathon Digital stock prices have declined over the past five days, with Riot Blockchain stock down 17.62% and Marathon Digital down 18.02% in the last five days, according to Google Finance.
