Benzinga | Nov 10, 2021 03:05PM EST

Why Bitcoin-Related And Ethereum-Related Stock Marathon Digital Is Falling

Marathon Digital Holdings Inc (NASDAQ:MARA) shares are trading lower after the company reported third-quarter earnings results.

Marathon Digital reported quarterly earnings of 85 cents per share and reported $51.70 million in sales this quarter. This represents a marked increase over sales of $835,180 in the same period last year.

"In the third quarter, we increased our hash rate to 2.7 EH/s and generated 1,252 self-mined bitcoins, which is a 91% increase from our second quarter bitcoin production," said Fred Thiel, Marathon's CEO.

"As a result, we held approximately 7,035 BTC at the end of the third quarter, and we are continuing to grow these holdings each month as we increase our hash rate and maintain our strategy to 'hodl' the bitcoin we mine," Thiel highlighted.

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Marathon Digital has a 52-week high of $83.45 and a 52-week low of $2.06.