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I was looking at Marathon’s latest financial results, and the Q4 performance is pretty tough. Revenue was $223 million, down 6% from the previous quarter, and they also recorded a loss of $1.7 billion—so it means the entire Bitcoin mining business is facing headwinds.
There are mainly two reasons. One is a decrease in mining volume, and the other is that the average unit price of the Bitcoin mined has fallen. Bitcoin miners’ revenue is directly tied to these two factors, so if either one is missing, the impact is severe.
If you’re thinking about investing in Bitcoin miner companies, you really need to keep a close eye on this kind of earnings information. I think it’s hard to judge Bitcoin miner stocks without looking at mining difficulty and BTC price movements together.