What's Going On With Bitcoin Miners Marathon Digital and Riot Platforms Stock?

Bitcoin BTC/USD miners Marathon Digital Holdings, Inc. MARA and Riot Platforms, Inc. RIOT shares are trading lower Monday. Both of the companies announced a decrease in January Bitcoin production.

The Details:

Marathon Digital produced 1,084 Bitcoins in January, representing a 42% decrease from December’s production, but a 58% increase year-over-year.

“In January, we increased our energized hash rate 7% to 26.4 exahash as our team worked to address several temporary disruptions that negatively impacted our production,” said Fred Thiel, Marathon’s CEO. “These disruptions included weather-related curtailment and equipment failures that led to site outages and reduced our average operational hash rate 14% to 19.3 exahash in January.

Riot produced 520 Bitcoins in January, a 16% decrease from December and a 30% decrease year-over-year.

“Riot had a strong month in January, mining 520 Bitcoin while utilizing our unique power strategy,” said Jason Les, CEO of Riot.

“Texas experienced extreme cold during the month, which led to increased demand for power. During periods of high demand, Riot’s power curtailment efforts helped to stabilize the grid and generated $3.3 Million in Power and Demand Response Credits, equivalent to approximately 77 Bitcoin based on the average price of Bitcoin during the month.”

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MARA, RIOT Price Action: According to Benzinga Pro, Marathon Digital shares are down by 7.2% at $16.89, and Riot Platforms shares are down 5.6% at $10.58 at the time of publication.

Image: Wilfried Pohnke from Pixabay