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Bitcoin (BTC<\/a>) mining company Marathon Digital Holdings is now understood to be the second-largest holder of Bitcoin in the world among publicly-listed companies.<\/p>\n During the company\u2019s third-quarter earnings call<\/a> on Nov. 8, Marathon Digital CEO Fred Thiel revealed the company now holds 11,300 Bitcoin \u2014 worth around $205 million \u2014 \u201cmaking Marathon the second largest holder of Bitcoin among publicly traded companies worldwide, \u201d referring to unnamed third-party data. <\/p>\n According<\/a> to CoinGecko, the NASDAQ-listed crypto miner is ranked second only to MicroStrategy Inc., which holds nearly 130,000 total Bitcoin<\/a>. It’s followed by crypto exchange Coinbase and Jack Dorsey-founded payments company Block Inc.<\/p>\n The company reported<\/a> its third-quarter earnings on Nov. 8, noting that it added 616 Bitcoin to its holdings in the quarter, while another 615 Bitcoin was added in the month of October alone \u2014 the most productive month in the company\u2019s history. <\/p>\n .@fgthiel<\/a>: “We have sequentially improved our bitcoin production, from 72 bitcoin in July, to 184 in August, then to 360 in September, and then to a record 615 in October. October was the most productive month in our Company\u2019s history…” pic.twitter.com\/wsfv0XOIuV<\/a><\/p>\n \u2014 Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) November 8, 2022<\/a><\/p><\/blockquote>\n \u201cThe consistent improvement in our Bitcoin production is the direct result of increasing our hash rates by bringing more Bitcoin servers online and improving those servers,\u201d said Thiel during the conference call. <\/p>\n The Marathon Digital CEO also confirmed that to date, the company still has not sold any of its Bitcoin, and will continue to take that position unless deemed \u201cnecessary to cover operating expenses or other expenses.\u201d<\/p>\n This differs from other major miners such as Argo, Bitfarms, Core Scientific, and Riot Blockchain, all of whom had reported selling coins in order to pay the bills.<\/a> <\/p>\n Thiel also used the call to make mention the \u201cbattle\u201d between Binance CEO Changpeng Zhao and Sam Bankman-Fried \u2014 which he says is causing \u201cturmoil\u201d for the price of Bitcoin<\/a> but said it would likely come back to a range of around $18,000 to $20,000, which they \u201cfeel very comfortable\u201d in. <\/p>\n The Bitcoin miner\u2019s earnings however took a beating in the third quarter, with its net loss nearly tripling compared to the prior year, reaching $75.4 million, while revenue fell 75.5% year-on-year to $12.7 billion.<\/p>\n $MARA<\/a>‘s Q3 22 financial results are out: <\/p>\n – Consistent improvement in #BTC<\/a> production <\/p>\n – Increased hash rate 84% from Sept. 30 to Nov. 1 <\/p>\n – 69,000 active servers as of Nov. 1<\/p>\n – Increased YTD #BTC<\/a> production 27% YoY as of Oct. 31https:\/\/t.co\/2X1Yn6wnGv<\/a><\/p>\n \u2014 Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) November 8, 2022<\/a><\/p><\/blockquote>\n Both metrics failed to meet analysts\u2019 expectations as the miner\u2019s exit from its Montana facility<\/a> and falling Bitcoin prices led to lower BTC production in the quarter.<\/p>\n Thiel called the third quarter a period of \u201ctransition and rebuilding\u201d after its exit from Hardin and it begins out capabilities in new locations, including the King Mountain wind farm in Texas. <\/p>\n Related: <\/em><\/strong>Bitcoin miner Iris Energy faces $103M default claim from creditors<\/em><\/strong><\/a><\/p>\n On Nov. 7, rival Bitcoin mining firm Riot Blockchain also reported <\/a>third-quarter earnings which had missed analyst expectations. <\/p>\n The firm\u2019s total revenue declined 28.5% in the third quarter while its net loss widened 139.2% due to \u201csignificant curtailment activities\u201d relating to its activities in Texas, and a significant decrease in the market price of Bitcoin compared to a year ago. <\/p>\n Both Riot Blockchain and Marathon Digital\u2019s stock prices have declined over the past five days, with Riot Blockchain\u2019s stocks down<\/a> 17.62% and Marathon Digital’s down<\/a> 18.02% in the past five days, according to Google Finance. <\/p>\n <\/div>\n\n
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