Bitcoin mining companies, Marathon Digital Holdings, Inc. (NASDAQ:MARA) and Riot Platforms, Inc. (NASDAQ:RIOT), shares are trading lower Friday. Here's a look at what's going on.
What To Know:
Shares of Bitcoin (CRYPTO: BTC) mining stocks have experienced a massive run-up as investors anticipate the possible approval of a spot Bitcoin ETF and the upcoming Bitcoin halving event. Shares of Marathon Digital are up more than 100% over the past month, and Riot Platforms shares have gained more than 20% over the same period.
Marathon Digital recently announced the purchase of new mining sites for $178.6 million which will add 390 MW of capacity and reduce the cost per coin mined by around 30%.
Riot Platforms said that it mined 552 Bitcoin in November, representing a 21% increase over October's production.
The stocks may be falling today as investors secure profits on the last trading day of 2023. Both stocks are dropping on heavy trading volume, each having already exceeded its 100-average volume.
Related News: What's Going On With Bitcoin Miner Hive Digital Technologies Stock?
MARA, RIOT Price Action: According to Benzinga Pro, Marathon Digital shares are down 12% at $24.70, and Riot Platforms shares are down 10% at $15.80 at the time of publication.
Image: Pete Linforth from Pixabay
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