Why Marathon Digital Holdings Stock Tanked Today

Shares of Marathon Digital Holdings (NASDAQ: MARA), a company mining and holding Bitcoin (CRYPTO: BTC), fell on Tuesday following the release of financial results for the first quarter of 2021. As of 2 p.m. EDT, the stock was down 7%.

The primary story here is Marathon's update of its Bitcoin mining operations. For the first quarter, the company mined 192 Bitcoin tokens. But from the end of the quarter to May 6, it mined 194 more, reflecting its growing mining power. No doubt this is encouraging to shareholders.

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Source Fool.com