Shares of Bitcoin miner Marathon Digital (MARA) fell 8% on Thursday after releasing quarterly earnings that missed Wall Street's expectations.

The company reported revenue of $145.1 million versus expectations of $157.9 million. The main reasons were equipment failures, transmission line maintenance and an April compensation cut.

Despite the difficulties, Marathon achieved a record production rate of 31.5 EH/s.

EBITDA for the second quarter was a loss of $85.1 million due to unfavorable adjustments in the value of digital assets and lower BTC production.

The company plans to reach a hashrate of 50 EH/s by the end of the year and continue to grow next year.

Marathon sold 51% of its mined Bitcoin to cover operating expenses, but recently bought $100 million worth of BTC and returned to a full hold strategy. The company now has more than 20,000 BTC on its balance sheet.