Marathon Digital Shares Sink 10% After Storm Disrupts Mining Operations
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 firstname.lastname@example.org
(END) Dow Jones Newswires
June 29, 2022 11:45 ET (15:45 GMT)
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