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.

Posted In: why it's movingCryptocurrencySmall CapMarketsMoversTrading Ideas

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.