Bitcoin Miner Marathon Digital Is Moving Higher Thursday: What's Going On?
Portfolio Pulse from Adam Eckert
Marathon Digital Holdings Inc (NASDAQ: MARA) shares are rising after the company reported a record Bitcoin production of 1,853 in December, totaling 12,852 for 2023. Marathon now owns over 15,000 Bitcoin and increased its operational hash rate by 18% to 22.4 exahashes. The company's acquisition of sites in Texas and Nebraska is expected to close in January 2024, which may improve cost structure and growth potential. Marathon ended the year with $1 billion in cash and Bitcoin. The stock is also reacting to the rise in Bitcoin's price, which was up 2.07% at $43,319.
January 04, 2024 | 1:44 pm
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Marathon Digital Holdings Inc reported record Bitcoin production and an 18% increase in hash rate, owns over 15,000 Bitcoin, and is finalizing an acquisition to enhance growth. The company's stock is positively correlated with Bitcoin's price, which is also rising.
Marathon Digital's record production and increased hash rate signal operational efficiency and growth, which are positive indicators for investors. The upcoming acquisition could further enhance the company's prospects. The correlation with Bitcoin's price, which is currently rising, adds to the positive short-term outlook for MARA's stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100