Marathon Digital Lost $687 Million Last Year, Restatement Shows

Crypto miner Marathon Digital Holding Inc. said it posted a $687 million loss in 2022 because of the more than 60% drop in the price of Bitcoin and soaring energy costs.

The Las Vegas-based company restated its annual report and said it had found accounting errors in financial statements for several quarters earlier this month after the firm received comments from the US Securities and Exchange Commission. The agency, put a range of issues including revenue recognition and impairment calculations, into question.

Marathon is one of the largest public Bitcoin-mining companies by computing power, which use power-hungry specialized computers ...