Accounting Errors and Bitcoin Sales: Red Flags for Mining Companies?
Probes into Top Bitcoin Mining Companies Raise Concerns

What is Happening with the Miners?
Marathon Digital Holdings is the second-largest public Bitcoin mining company by market cap. Riot Platforms and Canaan join Marathon in the top three.
- In January, Marathon Digital sold BTC holdings offloading 1,500 and 650 Bitcoins in the first two months of the year. Riot sold 200 Bitcoin in 2022, also a rare occurrence from the company.
- Oopsie? Riot is delaying its 10-K report after the SEC noted accounting errors found in 2020.And 2021. And 2022. Marathon experienced similar probing.

Why It Might Matter
When Riot sold in March 2022, Bitcoin was putting in a bear market rally. The subsequent months’ price plummeted. Past performance is not necessarily indicative of the future, but there are companies that might have incentive to know and sell holdings at certain times.
With two of the biggest Bitcoin mining companies’ accounting coming under fire, there could still be quakes underneath the surface that haven’t reverberated through the crypto space.
Straight from Marathon's PR
● Increased Hash Rate 30% by Energizing Approximately 18,800 Bitcoin Miners (c. 2.2 EH/s) in February 2023
● Produced 683 BTC in February 2023 and 1,370 BTC Quarter-To-Date
● Increased Unrestricted Cash to $219.7 Million and Increased Unrestricted Bitcoin Holdings to 8,260 BTC (c. $191.2 million)
Overview of Top Public Mining Companies
● Riot — Industry: Software—Application | Market Cap: 1.034B | CEO: Jason Les | HQ: Colorado
● Marathon — Industry: Capital Markets | Market Cap: 731.431M | CEO: Fred Thiel | HQ: Nevada
● Canaan — Industry: Computer Hardware | Market Cap: 462.212M | CEO: Nangeng Zhang | HQ: Beijing