Marathon Digital Holdings Reports Massive Loss in 2022
- Marathon Digital Holdings reports a net loss of $686.7 million in FY2022.
- The loss is attributed to a fourth-quarter impairment charge and declines in the carrying value of digital assets.
- Lower total margin also contributed to the company’s poor financial performance.
Marathon Digital Holdings, a leading company in supporting and securing the Bitcoin ecosystem, has released its financial and operational results for the fourth quarter and fiscal year 2022, which ended December 31, 2022.
The company reported a net loss of $(686.7) million, or $(6.05) per share, during the fiscal year ended December 31, 2022, compared to a net loss of $(37.1) million, or $(0.37) per share, in the previous year ended December 31, 2021.
According to the report, the unfavorable variances during the year compared to the previous year were primarily due to a fourth-quarter impairment charge. This was related to the carrying value of mining rigs and advances to vendors of $332.9 million, declines in the carrying value of digital assets of $317.6 million, and a lower total margin of $150.4 million.
Additionally, this decline in margin was caused by lower bitcoin prices on revenu…
The post Marathon Digital Holdings Reports Massive Loss in 2022 appeared first on Coin Edition.
