By Denny Jacob

 

Marathon Digital Holdings Inc. shares sank 10% to $5.79 a day after the company said its mining operations in the Hardin, Mont., region is without power due to a storm earlier in the month.

The company, which engages in mining cryptocurrencies, said its operations in the region are likely to remain offline until the damaged power generating facility can be repaired. Marathon said its miners in Montana may have sufficient power to come back online in a reduced capacity as early as the first week of July based on the latest inspection reports.

Prior to the storm on June 11, the company said it had 30,000 miners deployed in Montana. With these miners offline, the company's bitcoin production is expected to be significantly reduced until repairs are completed or until miners can be relocated to new facilities, Marathon said.

 

Write to Denny Jacob at denny.jacob@wsj.com

 

(END) Dow Jones Newswires

June 29, 2022 11:45 ET (15:45 GMT)

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