What's Going On With Bitcoin Miners Marathon Digital and Hut 8 Stock?

Marathon Digital Holdings, Inc. MARA and Hut 8 Corp. HUT shares are moving Friday. The companies announced the termination of property management agreements at two of Marathon’s recently acquired Bitcoin BTC mining sites.

The Details:

Marathon Digital and Hut 8 made separate announcements stating an agreement was signed on Jan. 30 that will terminate Hut 8 operator of these sites and transition the operational responsibilities to Marathon.

Hut 8 will continue to provide managed services and conduct self-mining activities at the two mining sites through April 30. A termination fee of $13.568 million will be paid to Hut 8 within 30 days of the termination date.

“We are very proud of the work we’ve done since taking over management at the Kearney and Granbury sites and want to recognize the incredible talent and dedication our teams on the ground have demonstrated for more than a year,” said Asher Genoot, President of Hut 8.

“We look forward to gaining more influence over our new sites in Texas and Nebraska and leveraging our operational expertise to realize the full benefits of our recent acquisition,” said Fred Thiel, CEO of Marathon Digital.

Related News: What’s Going On With Rivian Automotive Stock?

MARA, HUT Price Action: According to Benzinga Pro, Marathon Digital shares are up 1.29% at $18.84, and Hut 8 shares are down 0.13% at $7.46 at the time of publication.

Image: Pete Linforth from Pixabay