Why Marathon Digital Holdings Stock Gained on Wednesday
Shares of Marathon Digital Holdings (NASDAQ: MARA) gained on Wednesday following the company's announcement regarding a new Bitcoin (CRYPTO: BTC) mining pool. As of 2:15 p.m. EST, the stock was up 10%.
Understanding how a blockchain network like Bitcoin's works can help contextualize today's news from Marathon Digital. When a transaction on the network occurs, computers have to verify it and update the network. To do this, they solve complex math problems requiring substantial computing power. As a reward for running the network, they're paid in newly issued Bitcoin. The process is called mining.
Image source: Getty Images.
Source Fool.com
