Cryptocurrencies
Bitcoin Miner Marathon Posts Loss After Impairment Charge
- Miner took $19.6 million charge related to self-mined Bitcoin
- Stock drop about double amount of Bitcoin’s decline this year
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Marathon Digital Holdings Inc. posted a first-quarter loss after taking an impairment change related to self-mined Bitcoin.
The net loss for the three months ended March 31 was $13 million, or 13 cents a share, compared with net income of $83.4 million, or 87 cents, in the 2021 quarter, the company said in a statement. While revenue jumped to $51.7 million from $9.2 million, the amount was below the average estimate of analysts surveyed by Bloomberg. Bitcoin’s price fell 1.2% in the first quarter, and it traded about 20% lower than at the end of year-earlier period.