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.

"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%.

Marathon Digital mara Bitcoin Mining Earnings

Aoyon Ashraf

Aoyon Ashraf is CoinDesk's managing editor for Breaking News. He spent almost a decade at Bloomberg covering equities, commodities and tech. Prior to that, he spent several years on the sellside, financing small-cap companies. Aoyon graduated from University of Toronto with a degree in mining engineering. He holds ETH and BTC, as well as ALGO, ADA, SOL, OP and some other altcoins which are below CoinDesk's disclosure threshold of $1,000.