Marathon Digital (MARA), one of the largest bitcoin miners, missed consensus first-quarter revenue expectations due to operational challenges it faced during the quarter.The company mined just 2,811 bitcoin during the year's first three months, down 34% from the previous quarter.UnmuteZuckerberg Says Meta Has 'Exciting Roadmap' With Threads, AI Products in Pipeline
04:26Bitcoin Miner Marathon Digital First-Quarter Earnings Beat Expectations08:52Marathon Digital CEO: We're Bullish on Bitcoin07:01Mara CEO on Raising $23M to Spread Crypto Adoption Across Africa05:10Mara Raises $23M From Coinbase, Alameda to Spread Crypto Adoption Across Africa"Bitcoin production, and therefore revenues, generated during the quarter was negatively impacted by unexpected equipment failures, transmission line maintenance, and higher than anticipated weather-related curtailments at Garden City and other sites during the quarter," the company said in a statement on Thursday.Marathon reported first quarter earnings per share of $1.26, at first glance easily topping Wall Street estimates of $0.02, but not comparable to forecasts as the company adopted newly-approved FASB fair value accounting rules. The mark-to-market adjustment was a very favorable one given the big run higher in bitcoin prices.The miner is sticking to its 2024 guidance of ramping up to 50 exahash per second (EH/s) and sees additional growth in 2025.Marathon's stock fell roughly 1.5% in post-market trading on Thursday. Shares have declined 26% this year while peer Riot Platforms (RIOT) has seen its stock price fall 40%.Edited by Stephen Alpher.