Here's Why Marathon Digital Stock Jumped 36% Last Month
Shares of cryptocurrency mining company Marathon Digital Holdings (NASDAQ: MARA) were up 35.9% in November, according to data provided by S&P Global Market Intelligence. The company focuses on mining operations for Bitcoin (CRYPTO: BTC) specifically. And the price of Bitcoin increased about 10% in November, providing a boost to Marathon Digital.
Marathon Digital also reported its financial results for the third quarter of 2023 on Nov. 8. However, Q3 results only go through the end of September. The company gave a different update on Nov. 3 that provides key metrics all the way through October.
Both the Q3 report and the October update showed the same thing that the market liked: Bitcoin production is way up. Over the past year, the company has aggressively increased the number of mining devices at its disposal, which has led to a sharp increase in its share of the Bitcoin mining reward.
Source Fool.com
