MARA Holdings Inc MARA shares are trading lower. The company on Monday provided a Bitcoin BTC/USD mining update for April ahead of earnings later this week. Here’s a look at what’s going on.

What To Know: MARA Holdings said it mined 705 bitcoin in April, down 15% month-over-month from 829 bitcoin mined in March. The number is also lower than the 706 bitcoin the company produced in February. 

Total bitcoin holdings grew to 48,237 as of the end of the month as the company's energized hashrate increased 5.5% to 57.3 EH/s as of April 30.

“In April, our production saw a 15% month-over-month decrease in blocks won, as global hashrate had its second largest monthly gain on record and mining difficulty grew 8% from March,” said Fred Thiel, chairman and CEO of MARA Holdings.

“Despite these headwinds, our energized hashrate grew 5.5% over the prior month. We completed a 50-megawatt (“MW”) expansion at our fully owned data center in Ohio, bringing total operational capacity to 100 MW, with the site designed to scale up to 200 MW. Additionally, we installed over 12,000 S21 Pro miners at the location.”

MARA Holdings shares were already trading down ahead of the production update as Bitcoin trended lower over the weekend, falling from around $97,700 to approximately $94,250 at the time of writing on Monday.

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The company is due to report financial results for the first quarter after the market close on Thursday. Analysts expect the bitcoin miner to report earnings of 29 cents per share and revenue of $224.85 million.

Last quarter, MARA Holdings beat analyst estimates on the top and bottom lines as revenue jumped 37% year-over-year. The company said at the time that it was well positioned to capture share in the growing AI market as demand for cost-effective compute infrastructure continues to climb.

“While we remain bullish on Bitcoin and our mining business, we’re continuing to explore how MARA can emerge as a leader in the next major opportunity: AI,” the company said last quarter.

MARA Price Action: MARA Holdings shares were down 3.11% at $14.03 at the time of publication Monday, according to Benzinga Pro.

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