fbpx
QQQ
+ 0.89
339.46
+ 0.26%
DIA
+ 0.07
344.91
+ 0.02%
SPY
+ 0.75
422.86
+ 0.18%
TLT
-0.23
142.77
-0.16%
GLD
-2.04
179.78
-1.15%

Why Is Marathon Digital's Stock Trading Lower Today?

May 13, 2021 9:29 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Why Is Marathon Digital's Stock Trading Lower Today?

Marathon Digital Holdings Inc (NASDAQ:MARA) is trading lower Thursday morning as Tesla Inc (NASDAQ:TSLA) CEO Elon Musk continues to criticize the increasing energy usage of Bitcoin (CRYPTO:BTC) mining.

Marathon Digital mines its own Bitcoin in order to acquire the cryptocurrency at a lower cost.

What Happened: Musk expressed concern over the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions" via Twitter on Wednesday. "Tesla has suspended vehicle purchases using Bitcoin."

Bitcoin fell around 5% immediately following Musk's tweet.

Thursday morning, Musk continued his criticism by posting a chart of Bitcoin electricity consumption, saying that the "energy usage trend over past few months is insane."

Why It Matters: Tesla said that it bought $1.5 billion of Bitcoin in February and announced that the company would accept Bitcoin as payment for its products. Musk's support for crypto seems to have positively impacted the prices of popular cryptocurrencies since that time.

Price Action: Marathon Digital traded as high as $57.75 and as low as 61 cents over a 52-week period. At last check Thursday, the stock was down 7.22% at $21.20.

Bitcoin was down 7.94% at $50,209 at last check Thursday.

Photo by Steve Jurvetson from Flickr.

For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to our YouTube channel.


Related Articles

Elon Musk Has No Role At Bitcoin Mining Council, Say Founding Members

A coalition of Bitcoin miners known as the Bitcoin Mining Council (BMC) unveiled its official website earlier today while making sure to explicitly state that Elon Musk had no part to play in its operations. read more

Republic Of The Savior: The Downsides Of El Salvador As A Poster Boy For Bitcoin

El Salvador's Chaparrastique (San Miguel) volcano with Bitcoin "laser eyes" added. Image via Twitter user @Alexa_Alexa____. Bitcoin's New Plunge Protection Team read more

El Salvador Plans To Mine Bitcoin Using Energy From Volcanoes

What Happened: Only a day after passing a bill to make Bitcoin (CRYPTO: BTC) a legal tender in El Salvador, the nation appears to be moving towards harnessing renewable energy from its volcanoes to mine the cryptocurrency. read more

Why Bitcoin-Related Stocks Are Trading Higher Today

Marathon Digital Holdings Inc (NASDAQ: MARA) and Riot Blockchain Inc (NASDAQ: RIOT) are trading higher Wednesday as the price of Bitcoin (CRYPTO:BTC) recovers from its recent lows. read more