MARA produced more Bitcoin in the second quarter than in any quarter in over a year, but the price slump that hit the market during the same period dragged the miner into the red. The company swung to a loss despite the higher output, according to its latest results.
Output climbs to a yearly high
MARA's quarterly Bitcoin production reached its highest level in more than a year, the company reported. The exact number wasn't disclosed, but the output marked a clear step up from recent quarters.
Bitcoin's slide bites
The average price of Bitcoin fell 28% during the second quarter. That decline had a direct effect on MARA's revenue, since miners sell the coins they produce. Even with more Bitcoin in hand, the lower price meant less income per coin.
Into the red
MARA reported a loss for the quarter, despite producing more Bitcoin than it had in over a year. The decline in Bitcoin's average price was steep enough to erase the benefit of the higher output.
For miners like MARA, the takeaway is straightforward: producing more Bitcoin only helps if the price holds up. The next few months will show whether the company can turn its record output into a profit.
