Marathon Digital Holdings Inc MARA Stock Is Bouncing Back Thursday After Falling More Than 4% On Wednesday

Bitcoin BTC/USD mining stock Marathon Digital Holdings Inc MARA is trading higher Thursday after falling more than 4% on Wednesday. Here's a look at what's going on.

Bitcoin mining stock Marathon Digital Holdings Inc (NASDAQ:MARA) is trading higher Thursday following a decline of more than 4% in the prior session. Here's a look at what's going on.

What To Know: Marathon Digital shares are bouncing back Thursday after trading lower Wednesday alongside several other bitcoin mining stocks as bitcoin prices fell.

Bitcoin mining stocks have actually been on the upswing in recent sessions, tracking a rally in bitcoin. Wednesday's pullback appears to be a healthy breather.

The rebound in bitcoin prices comes as spot bitcoin ETFs have experienced nine consecutive days of net inflows. As previously reported by Benzinga, CryptoQuant highlighted a technical indicator for bitcoin this week, suggesting further upside. Bitcoin's price has reportedly crossed above the average cost basis of short-term holders, which is historically bullish.

Check This Out: Bitcoin Spot ETFs Continue Inflow Streak…But What’s Up With This Technical Indicator?

What Else: Marathon Digital on Thursday scheduled its second-quarter financial results for Aug. 1. According to estimates from Benzinga Pro, the company is expected to report a loss of 14 cents per share and revenue of $157.84 million.

Earlier in the month, Marathon said it produced 590 bitcoin in June, declining from the 979 bitcoin produced in the prior year's period. The company's average operational hashrate increased 2% month-over-month to 26.3 EH/s.

Marathon Digital noted that it has increased its total bitcoin holdings to 18,536 coins. The company also highlighted its cash and bitcoin balance of $1.4 billion as of June 30.

MARA Price Action: Marathon Digital shares were up 1.17% at $25.85 at the time of writing, according to Benzinga Pro.

Photo: Eivind Pedersen from Pixabay.

The above is the detailed content of Marathon Digital Holdings Inc MARA Stock Is Bouncing Back Thursday After Falling More Than 4% On Wednesday. For more information, please follow other related articles on the PHP Chinese website!