US cryptocurrency mining company Marathon Digital Holdings suffered a net loss of $191.6 million during the second quarter compared to the $13 million recorded in January-March.
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According to the company, the losses were due to a 44% drop in Bitcoin mining due to a delay in connecting the Compute North facility in Texas to the power grid and damage to a power plant feeding a data center in Montana due to a hurricane, a decline in the price of Bitcoin, the revaluation of crypto reserves as well as rising costs for the accelerated relocation of miners from a facility in Hardin, Montana.
At the end of the quarter, the company had $86.5 million on its balance sheet.
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Fred Thiel, the company's CEO, has noted that as early as July, Marathon started connecting devices installed at the Texas facility after the wind energy farm received the necessary permits.