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Bitcoin (CRYPTO: BTC) mining stock Marathon Digital Holdings Inc (NASDAQ:MARA) is trading higher Thursday after falling more than 4% on Wednesday. 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 alongside a rebound 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 surpassed 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.
At the beginning of the month, Marathon said it produced 590 bitcoin in June, down from 979 bitcoin produced in the prior year's period. The company's average operational hashrate grew 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.
