Bitcoin mining company Marathon Digital released its financial report for the fourth quarter and full year 2022. The report showed a full-year net loss of $686.7 million, compared with a net loss of $37.1 million for 2021.
One of the main reasons for the increase in net loss was impairment charges related to the carrying value of mining equipment and supplier advances, which totaled $332.9 million in the fourth quarter of 2022. The value of digital assets, including realized and unrealized losses, also decreased by $317.6 million in 2022.
Despite the increased net loss, Marathon Digital produced 1,562 BTC in the fourth quarter of 2022, an increase from the 3,197 BTC produced in 2021, bringing the full-year Bitcoin production to 4,144 BTC.
In December 2022, Marathon Digital fully repaid the outstanding balance under its revolving credit facility and terminated the credit facility with Silvergate Bank in February 2023, releasing the 3,132 Bitcoins previously held as collateral .
Given Signature Bank’s recent growth, Marathon Digital is also pursuing other banking relationships.
The company’s CEO, Fred Thiel, said Marathon Digital remains committed to its long-term vision of becoming a leading bitcoin miner and continues to invest in its business to achieve this goal.