Marathon Digital records net loss of $686.7 million in 2022

Bitcoin mining company Marathon Digital released its financial report for the fourth quarter and full year of 2022. As of December 31, 2022, the net loss for the full year 2022 was US$686.7 million, compared with a net loss of US$37.1 million for the full year 2021. Among them, compared with 2021, in 2022, Marathon Digital’s fourth-quarter impairment charges related to the book value of mining equipment and supplier advances were US$332.9 million; the book value of digital assets (including impairment and realized and unrealized losses) decreased by $317.6 million. Marathon Digital will produce 1,562 BTC in the fourth quarter of 2022, increasing its annual Bitcoin production from 3,197 BTC in 2021 to 4,144 BTC in 2022. In December 2022, Marathon Digital fully repaid the outstanding balance under the revolving credit facility and in February 2023 terminated the credit arrangement with Silvergate Bank, which resulted in the release of 3,132 Bitcoins previously held as collateral. In light of the recent Signature Bank development, Marathon Digital is also looking at alternative banking relationships.