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Bitcoin miner Marathon saw a net loss of $191.6 million in the second quarter of 2022, a significant jump from a $13 million net loss in the first quarter.

Revenues in the second quarter of 2022 were $24.9 million, according to the company’s second-quarter results — a 51.8% decrease from the previous quarter.

“Energization delays, maintenance and weather issues in Montana, and an approximately 56% decline in the price of bitcoin during the quarter, severely impacted our bitcoin production and financial results,” Marathon CEO Fred Thiel said in a statement on Monday. “These items reduced our revenues, caused us to record a $127.6 million impairment on our bitcoin holdings, and decreased the fair market value of our investment fund by $79.7 million.”

Marathon produced 707 bitcoin between April and June, representing a 44% decrease from the first quarter of 2022.

The bitcoin mining company was affected by a storm that hit Hardin, Montana in early June and knocked 75% of its mining fleet offline.

As of July 31, Marathon held 10,127 BTC (with a market value of $236.3 million). It recently secured a $100 million bitcoin-backed loan with Silvergate Bank and refinanced a previous $100 million loan with the same firm.

In July, the miner closed a deal with hosting provider Applied Blockchain that will secure the company at least 200 megawatts of energy capacity, with the option to increase it to 270 megawatts.

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