Marathon Digital, the miner has received a statement from SEC that highlighted their mistakes in accounting and it is on different financial disclosure.
Marathon Digital, the BTC miner will have to reissue some of their previous statements of finance after the SEC have pointed out some of their errors in their accounting.
As per 27th February news, the Marathon Digital BTC miners will restate their quarter 1,2 and 3’s reports from both 2022 and 2021 adding to their audited annual reports from 2021. The company has noted that their affected statements relating to releases and earnings and some other financial contacts during this time.
This issue that SEC highlighted on 22nd February, the miner’s method to calculate the impairments on the assets like marathon digital’s determination that they have acted like an agent when operating the BTC mining pool instead of a principal.
Marathon Digital Bungles Crypto Impairment:
Marathon said that revenues and cost of revenue would experience slight increases as a result of altering its determination of its position in managing the pool from an agency to a principal, but it does not expect the move will have an impact on its bottom line.
Because of this, Marathon Digital has postponed their earning calls in the fourth quarter that took place on 28th February. It will postpone the publishing of related financial results.
Marathon Digital is willing to file their results for last year by 16th March. They have notified the SEC that they might take 15 days to do all the crucial corrections in the reports. It was due by 1st March earlier.
The miner said that they hold 1.5k BTC in Jan marking the first time they sold any since October 2020. It looked to create a war chest of both BTCs and cash.
