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SEC Targets Bitcoin Miner Marathon in Latest Action Against the Industry
Bitcoin mining company Marathon Digital Holdings has received another subpoena from the SEC. The subpoena relates to its data center in Montana, which regulators say may have violated securities laws. The company said it was cooperating with the SEC after receiving an initial subpoena on April 10 related to “related party transactions.” “We understand that the SEC may be investigating whether there may have been violations of federal securities laws,” it said. Marathon Digital was also subpoenaed in September 2021 for documents related to its data center in Hardin, Montana. According to Bloomberg, the company admitted after...
SEC Targets Bitcoin Miner Marathon in Latest Action Against the Industry
Bitcoin mining company Marathon Digital Holdings has received another subpoena from the SEC. The subpoena relates to its data center in Montana, which regulators say may have violated securities laws.
The company said it was cooperating with the SEC after receiving an initial subpoena on April 10 related to “related party transactions.”
“We understand that the SEC may be investigating whether there may have been violations of federal securities laws,” it said.
Marathon Digital was also subpoenaed in September 2021 for documents related to its data center in Hardin, Montana.
According to Bloomberg, the company admitted it found “accounting errors” in its financial reports following an audit by the SEC.
The financial regulator is leaving no stone unturned in its relentless attack on the crypto industry. However, it is unclear how a Bitcoin mining company can violate securities laws.
Marathon reports net loss of $7 million
On May 10, Marathon reported a net loss of $7.2 million, or $0.05 per share, in the first fiscal quarter of 2023. This is less than the net loss of $12.9 million in the first quarter of 2022.
Revenue for the quarter was $51.1 million, slightly below last year's revenue of $51.7 million. Additionally, a 74% increase in Bitcoin production was more than offset by lower BTC prices in the current year period.
Fred Thiel, Chairman and CEO of Marathon, said:
“After enduring a turbulent 2022 that tested the resilience of our entire industry, this year is off to a good start as we increased our hash rate, reduced our mining costs and improved our balance sheet in the first quarter.”
Shares of the company (MARA) rose 9% on the day, reaching $10.15 in after-hours trading. Marathon's stock prices have risen nearly 200% this year, outperforming the Bitcoin and crypto markets.
Mining sales peaks
Bitcoin miners' profitability, or hash price, has increased this month as the BRC-20 Memecoin and Ordinal craze drives up network transactions and fees.
The hash price, measured in dollars per terahash per second per day, rose to its highest level in almost a year at $0.127 on May 9.
The move coincided with daily BTC transactions peaking at over 580,000 and average fees rising to over $20.
.