Why Marathon Digital's Stock Is Trading Higher Today

Marathon Digital Holdings Inc MARA is trading higher Friday after the company announced better-than-expected second-quarter financial results.

Marathon Digital reported quarterly adjusted earnings of 21 cents per share, which was up from a loss of 7 cents per share year over year. The company reported quarterly revenue of $29.3 million, which was up 220% quarter over quarter. 

Marathon Digital Increased its total number of Bitcoin BTC/USD miners deployed to 19,395 miners in the second quarter.

“In the second quarter of 2021, we continued to effectively scale our operations by increasing our hash rate 196% sequentially from 0.7 EH/s at the end of the first quarter to approximately 2.09 EH/s by the end of June. As a result, we produced 654 bitcoins in the second quarter," said Fred Thiel, CEO of Marathon Digital.

Marathon Digital is focused on mining digital assets. It owns cryptocurrency mining machines and a data center to mine the digital assets.

Price Action: Marathon Digital has traded as high as $57.75 and as low as $1.48 over a 52-week period.

At last check Friday, the stock was up 5.56% at $35.72.