Why Marathon Digital Stock Is Soaring Today
Shares of Marathon Digital Holdings (NASDAQ: MARA) soared on Friday, gaining as much as 27% in the morning's trading session. By 3 p.m. ET, the cryptocurrency mining specialist had retreated somewhat to a 20.1% price increase. The move was powered by a couple of factors.
Marathon just reported its mining activity for June, the U.S. Department of Treasury (DOT) finally sketched out its vision for a regulatory framework in the crypto market, and Bitcoin prices briefly rose above $22,000 per coin in the early morning. It's a mixed bag of news, but Marathon investors focused on the good tidings.
Marathon produced just 707 self-mined Bitcoins in the second quarter, which ended on June 30. That figure came in 44% below the first quarter's haul of 1,259 coins. Specifically, June's production landed at 140 Bitcoins, down from 268 in May and 299 in April. Those numbers don't paint a pretty picture, and Marathon's stock dove when this report was published.
Source Fool.com
