Bitcoin (CRYPTO: BTC) mining stocks Marathon Digital Holdings Inc (NASDAQ:MARA) and CleanSpark Inc (NASDAQ:CLSK) are in the spotlight Thursday ahead of earnings. Here's what you need to know.

What To Know: Bitcoin mining stocks are volatile on Thursday following Riot Platforms Inc's (NASDAQ:RIOT) second-quarter financial results.

Riot missed analyst estimates on the top and bottom lines, reporting revenue of $70.018 million and a quarterly loss of 32 cents per share.

"The second quarter saw the Bitcoin network 'halving' in April of this year, a preprogrammed event whereby the Bitcoin block subsidy received by miners from the network is cut in half every four years. Despite this reduction in available production for all Bitcoin miners, Riot posted $70.0 million in revenue for the quarter and maintained strong gross margins in our core Bitcoin mining business," said Jason Les, CEO of Riot.

Following the print, HC Wainwright & Co. analyst Mike Colonnese reiterated Riot with a Buy rating and maintained a price target of $17.

Why It Matters: Marathon Digital is due to report second-quarter earnings after the market close on Thursday. According to data from Benzinga Pro, the Bitcoin miner is expected to report revenue of $157.84 million and a quarterly loss of 14 cents per share.

CleanSpark also scheduled its fiscal third-quarter results for next week. The company is expected to report revenue of $110.881 million and a loss of 4 cents per share when it reports earnings after the market close on Aug. 8.

CleanSpark on Thursday announced that it executed 75 MW of power contracts and completed the acquisition of its first Bitcoin mining site in Wyoming. The company noted that the first site is expected to add over 2 exahashes per second (EH/s) to CleanSpark's hashrate once operational.

MARA, CLSK Price Action: At publication time, Marathon Digital shares were down 5.44% at $18.60 and CleanSpark shares were down 4.97% at $15.21, according to Benzinga Pro.

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