Bitcoin (CRYPTO: BTC) mining stocks MARA Holdings Inc (NASDAQ:MARA), Riot Platforms Inc (NASDAQ:RIOT) and CleanSpark Inc (NASDAQ:CLSK) are trading lower Wednesday morning despite a surge in the price of bitcoin. Here's a look at what's going on.

What To Know: Bitcoin is hitting new all-time highs again on Wednesday, adding to gains of nearly 25% over the past week. Bitcoin was up 5.8% over a 24-hour period, hovering around $91,775 at the time of writing.

Bitcoin mining stocks outpaced bitcoin's gains at the start of the week, which may help explain some of the muted action on Wednesday. Bitcoin miners may also be moving lower after MARA Holdings reported third-quarter financial results that fell short of analyst expectations.

MARA Holdings reported third-quarter revenue of $131.6 million, missing the consensus estimate of $151.67 million, according to Benzinga Pro. The company reported an adjusted loss of 34 cents per share, missing analyst estimates for a loss of 26 cents per share.

MARA Holdings said it mined 2,070 bitcoin during the quarter as its energized hash rate increased 9% quarter-over-quarter to 40.2 EH/s. The company held a total of 26,747 Bitcoin at quarter's end.

"We believe we are on a strong growth trajectory, with no plans to slow down. We anticipate continued expansion across U.S. and international markets and have set ambitious goals to expand our portfolio of owned and operated sites," the company said in a letter to shareholders.

MARA Holdings shares were down about 4.25% at last check, while Riot shares were down more than 5% and CleanSpark shares were down more than 6%, according to Benzinga Pro.

CleanSpark is the only one of the group that has not yet reported financial results this quarter. The company is due to report sometime near the end of the month. Analysts are anticipating a loss of 18 cents per share and revenue of $88.65 million, according to estimates from Benzinga Pro.

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Photo: Eivind Pedersen from Pixabay.