MARA Trades Lower After February Bitcoin Production Update
MARA Holdings (NASDAQ:MARA) was trading lower after the bitcoin miner announced on Tuesday that it produced 706 bitcoins in February, down 6% sequentially.
MARA shares were trading 5% down pre-market at $13.10.
"Blocks won and bitcoin production decreased by 6% month-over-month, primarily due to a higher network difficulty level and three fewer operational days," said CEO Fred Thiel.
The average bitcoins produced per day increased 4% month-over-month to 25.2.
Energized hash rate stood at 53.7 EH/s at February-end.
"Our energized hashrate was slightly above the prior month, and we are close to finishing construction of a 40-megawatt data center in Ohio where we plan to install over ten thousand S21 Pro immersion miners," said Thiel.
"In conjunction with our emerging technology business, we are taking steps today, including investing in research and development, to establish our presence in AI and adjacent markets, which we expect will create additional revenue opportunities over the long term," the CEO said.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Most Discussed
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10