What's Going On With Bitcoin-Linked Marathon Digital Stock?
Portfolio Pulse from Adam Eckert
Marathon Digital Holdings Inc (NASDAQ:MARA) provided a Bitcoin production and mining update for June, revealing that it produced 979 bitcoin, down 21% from May but up 599% YoY. The decrease was due to weather-related issues and a decline in transaction fees. The company also announced a new joint venture in Abu Dhabi and reported that it energized 18,500 Bitcoin miners in June, increasing its operational hash rate by 16% to 17.7 EH/s. Marathon Digital sold 700 bitcoin in June and ended the month with $113.7 million in cash and equivalents.
July 06, 2023 | 1:15 pm
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POSITIVE IMPACT
Marathon Digital's increased Bitcoin production and operational hash rate could potentially impact the price of Bitcoin.
Increased Bitcoin production and operational hash rate by Marathon Digital could potentially lead to increased supply of Bitcoin in the market, which could impact its price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60
POSITIVE IMPACT
Marathon Digital's June Bitcoin production was down MoM but up significantly YoY. The company also announced a new JV in Abu Dhabi and increased its operational hash rate.
The news of Marathon Digital's increased YoY Bitcoin production, new JV in Abu Dhabi, and increased operational hash rate is likely to be seen positively by investors, potentially leading to a short-term increase in the company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100