Marathon Digital Stock Is Moving Lower: What's Going On With The Bitcoin Miner?

Marathon Digital Holdings Inc MARA shares are trading lower alongside the price of Bitcoin BTC/USD. The bitcoin miner on Wednesday released production and mining operation data for June.

What Happened: Marathon Digital said it produced 590 bitcoin last month, down from 979 bitcoin produced in the prior year’s period. The company’s average operational hashrate grew 2% month-over-month to 26.3 EH/s.

Marathon Digital noted that it has increased its total bitcoin holdings to 18,536 coins. The company also highlighted its cash and bitcoin balance of $1.4 billion as of June 30.

“Due to operational improvements in Ellendale and the facility being fully operational as of the beginning of July, we doubled our average operational hash rate year-over-year in June to 26.3 exahash,” said Fred Thiel, chairman and CEO of Marathon Digital.

“Domestically, our team continues to optimize our recently acquired sites with immersion cooling technology and the latest generation hardware. With these advancements and the expansion of our fleet, we remain on track to reach our target of 50 EH/s by the end of this year.”

Marathon Digital shares also appear to be facing some selling pressure due to a sharp overnight decline in the price of bitcoin. Bitcoin was down 4.31% over the last 24 hours, hovering around $60,000 at the time of publication.

As previously reported by Benzinga, bitcoin appears to be experiencing weakness as spot ETFs saw their first net outflow in nearly a week. Bitcoin ETFs saw total net outflows of $13.62 million on Tuesday, breaking a streak of five consecutive days of inflows.

Check This Out: Why Is Bitcoin Down To $60K Today?

MARA Price Action: Marathon Digital shares were down 2.89% at $21.48 at the time of publication, according to Benzinga Pro.

Photo: Eivind Pedersen from Pixabay.