Cryptocurrency crash this morning spares no one. as Bitcoin (CCC:BTC-USD) is driving the market lower, and other related investments are taking a hit. However, there is one (mostly) noteworthy play that bears the drop. Cryptocurrency mining stocks are suffering today, but a new report from Digital Marathon (NASDAQ:MaraHelps float Mara’s stockpile through a storm.
Coins and tokens face huge fluctuations today. Bitcoin, after hitting a new all-time high in November, is falling back to earth at breakneck speeds. Today, the #1 coin is down 8%, bringing the price of BTC below $43,000. The correction, as in Bitcoin, is causing a ripple effect across the industry. Now, altcoins are losing between 5% to 10%, and some are losing much more.
Cryptocurrency miners are also suffering from the Bitcoin drop. After all, the price of the assets these companies strive to accumulate are dropping by thousands of dollars every week. Of course, these companies and their investors are very optimistic about the long-term bitcoin price. But short-term volatility is enough to scare many into selling.
However, there is a silver lining. While cottage 8 (NASDAQ:Hut) And Blockchain riot (NASDAQ:riotLosses are mounting, Marathon Digital remains largely stable today. With its peers down 2.5%-3% per share, MARA stock is down slightly.
Where does Mara’s stock power come from?
What allows a mara stock to keep its head above water mostly? After all, on top of market volatility, the stock is also in distress as analysts cut their target price.
Well, it seems that the company’s latest report on mining in December is giving investors some confidence in MARA shares today.
The company released an insight into its December mining numbers this week. As it turns out, there is a lot for investors to be happy about. Marathon Digital is accumulating BTC at an amazing rate; The company says it mined 484.5 bitcoins in the month of December alone. Even at current rates, that equates to nearly $21 million.
The report indicates a significant increase in mined assets during the month of November. With only 196 BTC mined in November, the December payload represented nearly half of all Bitcoin the company mined in the fourth quarter. With 78,000 miners now in the company’s hands, one can expect that pace to pick up only as the first quarter continues.
Publication date, Brendan Ryrick He did not have (directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author, and are subject to InvestorPlace.com’s posting guidelines.