Shares of Marathon Digital fell about 12% on Thursday, underperforming other bitcoin mining peers, despite reporting better-than-expected first quarter results.that it received another subpoena from the U.S. Securities and Exchange Commission , which is looking into related-party transactions, among other things, that may have violated federal securities law.
The miner has so far pursued an asset-light strategy, in which it doesn’t own facilities and infrastructure and operates a lean team. Marathon is not “abandoning” this strategy, Thiel said. It will maintain its “agility” as it diversifies. It will take a more active role in developing facilities, building out technology and innovating in business models.
Several bitcoin miners posted their first-quarter earnings in the past 24 hours, with Marathon and CleanSpark slightly exceeding analyst expectations and some others setting their sights on new operational targets for the year., higher than the expected $0.14. Stronghold is accelerating its hashrate guidance, expecting to reach 4 EH/s by the end of the third quarter, as opposed to year-end. The miner is also looking into a new revenue stream, selling ash that can be used as fertiliser or be put back into land to help regrow vegetation. Stronghold burns coal refuse to generate the electricity that powers its mining machines, and sells some of that back to the grid.
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