Bitcoin mining firm Marathon Digital reported wider losses in the second quarter of this year, as the company’s operations were mainly impacted by “unexpected equipment failure” and April’s bitcoin halving event.

Marathon, recently rebranded as MARA, reported a net loss of $199.7 million in the second quarter of this year, compared to a loss of $9 million in the same period last year, its latest quarterly report shows. The company booked $145.1 million in total revenues in the second quarter of this year, up 78% year-on-year.

MARA’s shares closed down 7.78% on Nasdaq on Thursday, according to Google Finance. Its share price has dropped 20.89% so far this year.

“During the second quarter of 2024, our BTC production was impacted by unexpected equipment failures and transmission line …