Bitcoin miner Marathon’s quarterly loss narrows, revenue jumps

Marathon Digital Holdings Inc.’s second-quarter loss narrowed and revenue jumped as the Bitcoin miner increased sales of the cryptocurrency in the aftermath of a rebound in prices.

The Las Vegas-based company’s net loss narrowed to $19.13 million, or 13 cents a share, from $212.6 million, or $1.94, in the year-earlier period. Revenue more than tripled to $81.8 million, but was below the $83.45 million estimate of analysts surveyed by Bloomberg.

Marathon commenced a program this year to sell Bitcoin as a means of offsetting operating costs. It realized net proceeds of about $17.6 million from the sale of around 1,800 tokens in the second quarter. As of June 30, the company had nearly 150,000 mining rigs in operation and owned 12,538 Bitcoin.