Marathon Digital Holdings, a Bitcoin mining company, announced on 16 March that its revenue for the fourth quarter of 2022 fell 58% year on year to $28.4 million.The Bitcoin miner was expecting revenue of around $38.4 million for the fourth quarter.
Last month, the company canceled an earnings call and delayed the release of results to correct accounting errors related to the impairment of digital assets.
As per the latest report, full-year revenue for 2022 fell down to $117.8 million, reflecting a drop of 26% from a restated $159.2 million in 2021.
The company’s net loss for the year was $686.7 million, compared to a loss of $37.1 million in 2021. The results were impacted by a $332.9 million fourth-quarter impairment charge related to the carrying value of mining rigs and advance payments to vendors, in addition to the decline of $317.6 million in the carrying value of its digital assets.Read more on ambcrypto.com