Bitcoin
What’s Going On With Bitcoin Mining Stock Marathon Digital? — TradingView News
Bitcoin mining stock Marathon Digital Holdings Inc MARA is trading higher on Thursday after falling more than 4% on Wednesday. Here’s a look at what is happening.
What to know: Marathon Digital shares are rebounding on Thursday after trading lower on Wednesday along with several other bitcoin mining stocks due to the drop in bitcoin prices.
Bitcoin mining stocks have actually been rallying in recent sessions, along with a recovery in bitcoin. Wednesday’s pullback appears to be a healthy breather.
Bitcoin Price Recovery Comes as Spot Bitcoin ETFs Experience nine consecutive days of net inflows. As previously reported by Benzinga, CryptoQuant highlighted a technical indicator for bitcoin this week suggesting further upside. The price of bitcoin has reportedly surpassed the average cost basis of short-term holders, which is historically bullish.
Look this: Bitcoin Spot ETFs Continue to Rise… But What’s Up With This Technical Indicator?
What else: Marathon Digital on Thursday scheduled its second-quarter financial results for Aug. 1. According to estimates from Benzinga Pro, the company is expected to report a loss of 14 cents per share on revenue of $157.84 million.
Earlier this month, Marathon said it produced 590 bitcoins in June, down from 979 bitcoins produced in the year-ago period. The company’s average operational hashrate grew 2% month-over-month to 26.3 EH/s.
Marathon Digital noted that it has increased its total bitcoin holdings to 18,536 coins. The company also highlighted its cash and bitcoin balance of $1.4 billion as of June 30.
MARA Price Action: Marathon Digital shares were up 1.17% to $25.85 at the time of writing, according to Benzinga Pro.
Photo: Eivind Pedersen from Pixabay.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.