Marathon Digital, one of the largest North American Bitcoin miners listed on the Nasdaq exchange, swung and missed on its reported Q3 financials earlier this month, announcing a $75 million loss during the last financial quarter and a $280m loss, year to date.

While large, the values are not unexpected, especially when considering Marathon Digital remains one of the largest Bitcoin hodlers of any public company, and the price of Bitcoin has dropped by 75% from its 52 week high. (GAAP accounting standards currently require the impairment of digital currencies held to be recorded. Marathon Digital accounted for a $153 million loss in value, year-to-date).

Yet headwinds persist:

• Marathon Digital shareholders did not approve the increase in authorized share capital to 300 million at the annual shareholders meeting on Friday, November 4.

• Gross mining profit–when taking the revenue and deducting the direct costs associated with mining–were only 36% over the last three months.

• Lastly, Marathon Digital has not currently sold any of its 11,440 Bitcoin held, but 83% are held as leverage against two loans totaling $100 million.

Learn more: Foundry Academy

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We discuss Marathon’s 2022 including the storm that knocked out its Hardin site, getting 9 EH/s online, EGS regulations, OFAC compliance, if the hosting model is broken or not, Marathon’s finance strategy and why Marathon hasn’t sold its Bitcoin.

*As of Tuesday, November 22