In a new report by The Block, Marathon Digital Holdings, a major Bitcoin miner in North America, has reported a decrease in Q4 revenue to $28.4 million, which represents a 58% decline from $67.6 million in the previous quarter. Lower cryptocurrency prices in November and December 2022 seem to be the cause
However, the company’s gross profit margin increased to 84% from 81% in the previous quarter. Marathon Digital Holdings operates 20,500 miners. The company did have dealings with the now failed Silvergate Bank but terminated its relationship in February 2023
“In February 2023, we terminated our credit facilities with Silvergate Bank, which resulted in the release of 3,132 bitcoin that were previously held as collateral,” CEO Fred Thiel said in a statement. “We are also pursuing alternative banking relationships in light of the recent developments with Signature Bank.”