Marathon Digital is having problems on these fronts; He is responsible for calculating the north

  • Comet North’s bankruptcy caused Marathon Digital to lose $20 million
  • Marathon Digital mined 472 BTC in November 2022

Bitcoin mining giant Marathon Digital released Bitcoin production and mining updates recently. Updates included details on its revenue and mining and property information. Additionally, there was an update regarding Marathon Digital’s deposits with Compute North.

Only $22 million in deposits can be recovered

Fellow miner, Compute North Archived Filed for Chapter 11 bankruptcy in early 2022 with nearly $500 million owed to creditors. Recording by Compute North left Marathon Digital with a huge liability regarding the $50 million deal with the former. As of November 30, 2022, Marathon Digital has written off $8 million of these deposits.

The company’s shareholders have been informed that of the remaining $42 million, approximately $22 million is likely to be recovered in full. As for the rest of the 20 million, the fate of this amount depends on Compute North’s bankruptcy procedures. That estimate leaves a $20 million hole on Marathon Digital’s balance sheet.

“The company continues to work with the various parties involved to determine the possibility of its eventual recovery.” Read the report.

The company’s Bitcoin production and mining updates for the month September 2022 It revealed other investments made in Compute North. Aside from $50 million in operating deposits, the bankrupt miner’s financial exposure included $10 million in convertible preference shares. It also included an additional $21.3 million related to a large unsecured promissory note with Compute North LLC.

It is interesting to note that when Compute North filed for bankruptcy in September, Marathon Digital had surely told its investors that the deposit would not affect its mining operations. Compute North was the largest host for the Marathon data center, providing 330 megawatts.

Digital marathon performance

The report published by the company also provided other details. Marathon Digital mined 472 BTC in November 2022. The company’s Unrestricted Cash increased to $61.7 million, while Unrestricted Bitcoin Holdings rose to 4,200 BTC.

company common price I got a real hit this year. In the past month, it has lost more than 44% of its value. A look at the stock’s year-to-date performance showed a decline of 82.4%.

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