synopsis

With three fewer operational days in February, Marathon and Riot said the shortened month contributed to their lower Bitcoin production.

Shares of Marathon Digital Holdings (MARA) and Riot Platforms (RIOT) fell in midday trade on Tuesday as Bitcoin miners reported weaker February production. However, retail sentiment on Stocktwits remained largely upbeat.

Marathon shares dropped more than 4%, while Riot’s stock plunged nearly 10%.

The stocks were also weighed down by Bitcoin’s (BTC) price dropping below $83,000, falling over 8% in the past 24 hours, according to CoinGecko. This erased gains fueled by President Donald Trump's weekend announcement of a ‘crypto strategic reserve.’ 

Broader market sentiment was also under pressure amid concerns about the ongoing tariff war.

Both Marathon and Riot reported a month-over-month decline in Bitcoin production, citing a shortened February with three fewer operational days. 

Marathon saw a slight increase in Bitcoin production per day, while Riot’s daily mining output slipped 1% from the previous month.

The companies reiterated their commitment to diversifying into artificial intelligence (AI) and high-performance computing (HPC), aiming to leverage their energy and infrastructure assets beyond Bitcoin mining.

“Our emerging technology business is investing in research and development to establish our presence in AI and adjacent markets, creating additional revenue opportunities over the long term,” said Marathon CEO Fred Thiel.

Marathon mined 206 BTC in February, down 6% from 218 BTC in January. However, its daily Bitcoin production rose 4% month-over-month. The company’s energized hash rate stood at 53.7 exahashes per second (EH/s).

Marathon Holdings retail sentiment and message volume on March 4 as of 11:30 a.m. ET | Source: Stocktwits

Retail sentiment on Stocktwits remained in the ‘extremely bullish’ zone for Marathon’s stock, despite dipping slightly amid ‘extremely high’ levels of chatter.

According to Stocktwits data, message volume on the ticker increased by 536% in the last 24 hours. 

While users remained optimistic about the stock, they expressed frustration with the impact of Trump’s tariffs against China, Mexico, and Canada on the stock.

Meanwhile, Riot mined 470 Bitcoin in February, an 11% decline from the prior month but a 12% increase year-over-year. 

Its daily Bitcoin production rose 16% compared to February 2024. The company’s energized hash rate stood at 33.6 EH/s.

Riot ended February with 18,692 Bitcoin in its treasury, valued at approximately $1.5 billion at current prices. 

“Our AI/HPC process remains our top priority, and we have been encouraged by strong demand in the market,” said Riot CEO Jason Les, adding that the company is continuing to assess its Corsicana Facility for potential AI-HPC uses. 

Riot Platforms retail sentiment and message volume on March 4 as of 11:35 a.m. ET | Source: Stocktwits

Retail sentiment around Riot’s stock dipped slightly but remained in the ‘bullish’ zone, accompanied by ‘high’ levels of chatter. 

Message volume increased 364% over the past day, according to Stocktwits data.

Both Marathon and Riot shares are down more than 21% year-to-date.

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