Why Shares Of Bitcoin Miner Marathon Digital Are Falling

Marathon Digital Holdings Inc MARA shares are trading lower Wednesday after the company provided an update on its Bitcoin BTC/USD mining operations in Montana.

After the market closed on Tuesday, Marathon Digital announced that its mining operations were impacted by a storm that passed through Montana earlier this month. As a result, Marathon Digital's mining operations in the area are currently without power and are likely to remain offline until the damaged power generating facility can be repaired.

Based on the latest inspection reports, the company said its miners in Montana may have sufficient power to come back online in a reduced capacity as early as the first week of July.

Marathon Digital is also trading lower amid a decrease in the price of Bitcoin, which was down 3.47% over a 24-hour period at press time.

See Also: Snoop Dogg: Crypto Crash 'Weeded Out' Everyone Who Wasn't Supposed To Be There

MARA Price Action: Marathon Digital is making new 52-week lows on Wednesday.

The stock was down 9.49% at $5.82 at press time, according to data from Benzinga Pro.

Photo: Pete Linforth from Pixabay.