Share Marathon Digital Holdings ((((Mara 21.40%). It soared on Friday, rising 27% in the morning trading session. By 3:00 pm ET, cryptocurrency mining specialists have retreated somewhat to a 20.1% price increase. This move was supported by several factors.
The marathon just reported on mining activity in June, and the US Treasury (DOT) finally sketched a vision for a regulatory framework in the crypto market. Bitcoin The price temporarily exceeded $ 22,000 per coin early in the morning. It’s a bag of news, but marathon investors have focused on the good news.
The marathon produced only 707 self-mining Bitcoins in the second quarter, which ended June 30th. That figure was 44% below the amount of 1,259 coins carried in the first quarter. Specifically, June production was 140 Bitcoin, down from 268 Bitcoin in May and 299 Bitcoin in April. These numbers are not pretty pictures, they are the stock doves of the marathon when this report was published.
However, the company had some sensible circumstances to report. The marathon had to tackle the maintenance issue of a Montana-based mining plant. The factory was also hit by a violent storm that damaged the facility’s power system. In Texas, the marathon continued to install the Bitcoin mining system while waiting for approval from local regulators to turn it on and start producing Bitcoin there. Meanwhile, the company is in talks with an alternative hosting provider in case Texas authorities are at a loss.
Looking at DOT’s progress on cryptocurrency regulation, the agency submitted the proposed framework to President Joe Biden on Friday morning. This was a good thing, raising Marathon’s share to a significantly positive level.
In a report to Biden, DOT outlined plans to work with intergovernmental policy groups such as the G7, G20, World Bank and International Monetary Fund to develop cryptographic details.
Although this announcement did not contain solid policy ideas, it is still a major step towards initiating regulatory planning discussions with other key influential people on the global economic arena. This is good news for Bitcoin, Marathon Digital, and essentially every corner of the crypto market.
After Friday’s surge, marathon stock prices have returned to prices not seen since early June. While the company needs to address a bunch of operational issues, the underlying Bitcoin market faces a unique set of challenges in investor confidence and regulatory rulebooks.Given this dual exposure to market risk and unpredictability, it’s natural to see marathon stocks carry one of the highest. Beta value In the stock market. It will continue to be a very speculative investment until Marathon grasps the operational problem and resolves its soaring stock chart.