In the first quarter of 2022, revenue of the American mining company Marathon Digital Holdings was $51.7 million, down 14% from the previous quarter.

$MARA’s Q1 2022 financial results are announced:

— Revenue ⬆️ $465 to $51.7 million annually
– #Bitcoin production ⬆️ annual 556% to 1,259 #BTC
— p. EBITDA ⬆️ $33.3M to $39.4M

All details and registration for today’s earnings call is here 👇https://t.co/yRHoPXOOOe

— Marathon Digital Holdings (@MarathonDH) May 4, 2022

The drop is due to the drop in the price of the mined cryptocurrency, which is not able to compensate for the increase in physical production. The firm mined 1259 BTC. That’s 15% more than in the previous quarter and 556% more year-on-year.

During the reporting period, the firm recorded a net loss of $13 million due to the revaluation of its bitcoins. As of March 31, Marathon has accumulated 9374 BTC. Cryptocurrency reserves have lost $19.6 million in value.

At the end of the quarter, cash in the company’s accounts was $118.5 million and total available liquidity (including open lines of credit) was $218.5 million.

The Marathon equipment fleet has reached 36,830 devices with a total hash rate of approximately 3.9 EH/s. During the quarter, the company increased its capacity by 14% compared to the previous year, the growth was 449%.

The company confirmed the delay in the schedule for the multi-hash rate increase, but expressed confidence that the planned target will be achieved by the end of the year.

“Given the progress we have made so far in our behind-the-counter presentation, we are confident we will be able to handle the backlog and be able to catch up by the end of the year. This will allow us to reach 23.3 EH/s. Marathon CEO Fred Thiel said, “We’re deploying around 200,000 miners and keeping our operations 100% We believe that 2022 will be the year of transformation for Marathon as we are in the process of moving towards carbon neutrality.”

Recall that Marathon shares are the most overvalued among publicly traded mining companies, according to a new measurement by Arcane Research analysts.