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Seeking Alpha 2022-06-23 13:13:07

Marathon Digital downgraded to Neutral at B. Riley amid bitcoin rout

B. Riley analyst Lucas Pipes on Thursday has cut Marathon Digital (NASDAQ:MARA) to Neutral from Buy due to lower bitcoin (BTC-USD) prices as well as repeated delays in the energization of miners in Texas. Amid high volatility in crypto prices, Marathon Digital's (MARA) bitcoin (BTC-USD) mining production has also slowed in recent months due to maintenance issues at its data center in Hardin, Montana alongside delays in miners getting installed at its Texas facilities. In fact, mining growth for Marathon and its peer Riot Blockchain (NASDAQ:RIOT) softened the most in May. Marathon Digital (MARA) "continues to face maintenance issues related to power generation at its Hardin, MT facility, which has proven to be a major drag on production from miners currently online," Pipes wrote in a note. Note that during Q3, Marathon Digital (MARA) is planning to move its mining operations out of Hardin to more eco-friendly energy sources, with

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