Marathon Digital Holdings (MARA) Stock Drops with Bitcoin

By May 4, 2021Bitcoin Business
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Marathon Digital Holdings (MARA) Stock Drops with Bitcoin

What’s going on with MARA?

Marathon Digital Holdings (MARA) stock was down along with the price of Bitcoin Tuesday. The bitcoin mining company announced that it added new miners and reported an increase in bitcoin production in April. Shares of MARA were down 10.41% to $32.45 per share on Tuesday morning.

“April was an incredibly productive month as we brought 5,288 new miners online and increased our active mining fleet’s hashrate approximately 82% in just 30 days,” said Fred Thiel, Marathon’s CEO. “As a result, by the end of April, we were producing nearly 7 bitcoins per day, up from 3.2 bitcoins per day at the end of March. New miners continue to be delivered and installed on a daily basis, and as they come online, these production figures will continue to improve as our business scales into one of the largest enterprise Bitcoin mining operations in North America.”

What does this mean for Marathon Digital Holdings?

Marathon reported a mining fleet of 12,084 through April, and it generated 162.1 newly minted bitcoins in the month. The company’s total bitcoin holdings now stand at 5,292, with a fair market value of about $305.2 million, according to a news release.

The company has about $204.4 million in cash, and its total liquidity is at $509.6 million, taking in account bitcoin holdings.

New miners continue to be added on a daily basis, with all acquired miners to be operational by the first quarter of 2022. The company’s mining fleet will then consist of about 103,120 miners, with a hash rate of 10.37 EH/s, up from 1.29 EH/s currently.

MARA has an Overall Score of 58. Find out what this means to you and get the rest of the rankings on MARA!

Marathon Digital Holdings Inc focuses on mining digital assets. It owns crypto-currency mining machines and a data center to mine digital assets. The company operates in the Digital Currency Blockchain segment and its crypto-currency machines are located in Canada.

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