What's Going On With Bitcoin Mining Stocks MARA Holdings And Riot Platforms Tuesday?

MARA Holdings Inc MARA and Riot Platforms Inc RIOT shares are moving lower Tuesday. The Bitcoin BTC/USD miners reported operational updates for February. Here’s what you need to know.

What To Know: MARA Holdings said it mined 706 bitcoin in February, down about 6% from the 750 bitcoin mined in January. Despite the overall production decrease, bitcoin production per day was up 4% on a month-over-month basis.

“Blocks won and bitcoin production decreased by 6% month-over-month, primarily due to a higher network difficulty level and three fewer operational days,” said Fred Thiel, chairman and CEO of MARA Holdings.

“Our energized hashrate was slightly above the prior month, and we are close to finishing construction of a 40-megawatt data center in Ohio where we plan to install over ten thousand S21 Pro immersion miners.”

MARA said its energized hashrate was 53.7 EH/s as of Feb. 28. The company held a total of 46,374 bitcoin as of the end of the month.

See Also: Eric Trump Said ‘Buy The Dips’ In February, But Peter Schiff Isn’t Buying The ‘Genius’ Bitcoin, XRP, Cardano Strategic Reserve Announcement

Riot Platforms announced it mined 470 bitcoin in February, down 11% month-over-month from the 527 mined in January.

Riot held a total of 18,692 bitcoin as of the end of February. Riot’s average deployed hashrate was 33.6 EH/s last month, while its average operational hashrate came in at 29.4 EH/s.

“Riot mined 470 bitcoin in February, with total production impacted by planned maintenance, elevated curtailment driven by higher power prices as a result of colder weather, and a shortened month,” said Jason Les, CEO of Riot.

“In spite of these factors which impacted total production, ongoing improvements in utilization and operational efficiencies across all our facilities meant that bitcoin produced per day declined only 1% in February, relative to the prior month.”

MARA, RIOT Price Action: At the time of publication, MARA Holdings shares were down 3.44% at $13.31, while Riot shares were down 8.17% at $8.12, according to Benzinga Pro.

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