Marathon Digital Holdings (NASDAQ: MARA) stock soared over 20% on Thursday, coinciding with Bitcoin’s resurgence beyond the $45,000 threshold.
Marathon Digital (MARA) is facing a challenging beginning in 2024, with its shares down over 17% year-to-date. The company also reported a decrease in its monthly Bitcoin production for January.
The company mined 1,084 Bitcoins in January, marking a significant decrease of 42% compared to December’s production. However, this figure represents a substantial uptick of 58% from the previous year.
CEO Fred Thiel pointed to various obstacles, such as weather-related disruptions and equipment breakdowns, as reasons behind the downturn. Marathon boosted its energized hash rate by 7% to 26.4 exahash. However, these issues caused site outages, reducing the average operational hash rate to 19.3 exahash in January.
Marathon’s stock rose with Bitcoin crossing the $45,000 threshold Thursday. Bitcoin has witnessed a slight dip of over 4% in the last month following the eagerly anticipated approvals of several spot Bitcoin ETFs. However, the cryptocurrency still boasts an impressive nearly 100% increase over the past year.
Marathon Digital (NASDAQ: MARA) Stock Movement
MARA stock jumped 23.03% to close at $21.58 on Thursday. The traders had exchanged hands with 106,124,093 (106.12 million) shares compared to the average daily trading volume of 74.44 million.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
