Bitcoin miner Marathon sees This fall income decline 58% to $28.4 million

Marathon Digital Holdings mentioned Thursday that income for the fourth quarter of the yr declined 58% from the identical interval a yr earlier to $28.4 million.

The bitcoin miner had been anticipated to report income of round $38.4 million for the quarter. The corporate final month cancelled an earnings name and postponed the discharge of the outcomes to appropriate accounting errors that associated to the impairment of digital property.

Within the newly launched report, full yr income for 2022 declined 26% to $117.8 million from a restated $159.2 million in 2021. The corporate recorded a web lack of $686.7 million for the yr in comparison with a lack of $37.1 million in 2021.

The outcomes have been affected by a “fourth quarter impairment cost associated to the carrying worth of mining rigs and advances to distributors” of $332.9 million and “declines within the carrying worth of our digital property” that totaled $317.6 million.

Bitcoin manufacturing was up 42% within the fourth quarter to a document 1,562. On an annual foundation, manufacturing elevated 30% to 4,144.

“In February 2023, we terminated our credit score amenities with Silvergate Financial institution, which resulted within the launch of three,132 bitcoin that have been beforehand held as collateral,” CEO Fred Thiel mentioned in an announcement. “We’re additionally pursuing various banking relationships in gentle of the current developments with Signature Financial institution.”

Marathon shares declined 0.8% in post-market buying and selling, in line with TradingView. They’d risen 7.6% in regular buying and selling hours earlier within the day.