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Marathon Digital Holdings Reports Q1 2024 Results Stock Down 6%Marathon Digital Holdings ( NASDAQ:MARA ), a global leader in leveraging digital asset compute to support energy transformation, reported its financial and operational results for the first quarter that ended March 31, 2024. The company saw an increase in energized hash rate by 142% to 27.8 EH/s in Q1 2024 from 11.5 EH/s in Q1 2023. The company produced 2,811 CRYPTOCAP:BTC during Q1 2024, a 28% increase from Q1 2023. Revenues increased 223% to $165.2 million in Q1 2024 from $51.1 million in Q1 2023. Net income increased 184% to $337.2 million, or $1.26 per diluted share, in Q1 2024 from $118.7 million, or $0.72 per diluted share, in Q1 2023. Adjusted EBITDA increased 266% to $528.8 million in Q1 2024 from $144.5 million in Q1 2023. The company introduced Anduro, a new multi-chain Bitcoin layer-two network aimed at accelerating Bitcoin development and adoption. It launched the Company's first products and services to support the Bitcoin ecosystem, including Slipstream, MARAFW, MARA UBC 2100, and MARA 2PIC700. The company closed multiple acquisitions of data centers, increasing its mining portfolio to more than 1.1 gigawatts of capacity, 54% of which resides on sites now directly owned and operated by the Company. Marathon ( NASDAQ:MARA ) also increased its 2024 hash rate target to 50 EH/s, representing approximately 100% growth in hash rate during 2024. The company doubled the size of its portfolio of digital asset compute, launched its first products and services to support the Bitcoin ecosystem, and battled against operational challenges to produce record financial results. Net income increased 184% to $337.2 million, or $1.26 per diluted share, during the three months ended March 31, 2024, from net income of $118.7 million, or $0.72 per diluted share, in the same period last year. The increase in net income was primarily driven by the favorable mark-to-market adjustment of digital assets from the newly adopted FASB fair value accounting rules, ASU No. 2023-08, Accounting for and Disclosure of Crypto Assets, which requires on-going measurement of crypto assets to fair value. Revenues increased 223% to $165.2 million in Q1 2024 from $51.1 million in Q1 2023. The increase in revenue was primarily driven by an $82.9 million increase in the average price of bitcoin mined, a $10.4 million increase in bitcoin production, and $20.8 million in revenues generated from providing hosting services as a result of the acquisition of GC Data Center Equity Holdings, LLC on January 12, 2024. The Company sold 26% of the bitcoin it produced during the quarter to fund operating costs. Gains on digital assets were $488.8 million during the first quarter of 2024, compared to $137.4 million during the same period last year. The $351.4 million, or approximately 256% increase, was primarily related to the price of bitcoin increasing to $71,289 as of March 31, 2024, compared to $28,474 for the prior year period ended March 31, 2023. Technical Outlook Despite the positive earnings beat, Marathon Digital Holdings ( NASDAQ:MARA ) stock is down 6.51% on Friday's Market open trading with a Relative Strength Index (RSI) of 49 and trading below the 100-day Moving Average (MA). The daily price chart depicts a bearish hammer head.
NASDAQ:MARAShort
by DEXWireNews
2
Marathon Digital stock Listed in S&P 600 IndexBitcoin mining company Marathon Digital ( NASDAQ:MARA ) has seen its stock value rise by 18% after being listed by S&P Global in its SmallCap 600 index. The company's market cap rose by about $800 million over the weekend, marking a significant achievement for the digital asset company. The SmallCap 600 index is an index of companies with a small market cap, selected based on their recent profitability and other features. The companies considered to be small-cap must have a market cap of $1 billion to $6.7 billion. Marathon Digital ( NASDAQ:MARA ) has filed an 8-K with the SEC for compensation of some of its highest executives, stating the company's commitment to providing long-term incentives to workers as part of its LTIP Awards. The incentive is being awarded to three of the company's executives, including CEO Fred Thiel, CFO Salman Khan, and General Counsel Zabi Nowaid. The move is expected to boost morale and align the executives' interests with those of the company's stockholders. Despite its inclusion in the S&P 600, Marathon Digital ( NASDAQ:MARA ) stock is down 2.25% with a Relative Strength Index (RSI) of 57 posing signs of a reversal trend in the near to long term. Marathon Digital ( NASDAQ:MARA ) stock is trading below the above the 200-day Moving Average (MA).
NASDAQ:MARA
by DEXWireNews
MARA Will go Bearish before EarningsThe bearish momentum of Mara stock is expected to continue at least until the earnings date. On the daily chart timeframe, from the last lower high to the higher low, using Fibonacci retracement, we can see the golden zone of the pullback extends from 0.50 to 0.68, suggesting that the downtrend may continue. A second confirmation comes from the RSI, which is currently at 40, indicating that we are not yet in oversold territory. It appears that Mara is on track to reach $14 before the earnings date on May 24th.
NASDAQ:MARAShort
by nadavtal01
1
Marathon Digital Aims to Double Hash Rate Amid Bitcoin HalvingMarathon Digital ( NASDAQ:MARA ), a prominent Bitcoin miner, sets its sights on doubling its hash rate by the end of 2024, following the recent Bitcoin halving. Despite the halving's impact on block subsidy rewards, the company is optimistic about its growth trajectory, leveraging increased machine orders and capacity from recent acquisitions. This move underscores Marathon's commitment to expanding its mining operations and embracing newer, more efficient equipment to enhance fleet efficiency. Marathon Digital ( NASDAQ:MARA ), a key player in the Bitcoin mining sector, has announced ambitious plans to ramp up its hash rate, targeting a 100% growth by the close of 2024. This strategic decision comes in response to Bitcoin's recent halving event, which slashed miners' block subsidy rewards by half. Starting the year with a hash rate of approximately 24.7 exahash per second (EH/s), Marathon originally aimed for a modest 46% increase in hash rate, eyeing a range of 35-37 EH/s by year-end. However, fueled by a surge in machine orders and expanded capacity post-acquisitions, the company now anticipates reaching a fully funded hash rate of around 50 EH/s by the end of 2024. Marathon's Chairman and CEO, Fred Thiel, emphasized the company's robust growth strategy, stating that the increased capacity and hash rate target are fully funded, requiring no additional capital infusion. Thiel highlighted the deployment of state-of-the-art equipment and proprietary technology as key drivers for achieving greater efficiency, aiming for 21 joules per terahash as they scale to 50 exahash. Despite concerns surrounding the halving's impact on miners' revenue, Marathon remains upbeat about the industry's resilience. The company's Vice President of Corporate Communications, Charlie Schumacher, noted that the mining sector effectively weathered a "halving event" last year, with Bitcoin's difficulty rate doubling in 2023. Schumacher expressed confidence in the industry's ability to adapt, with major players like Marathon preparing for such challenges over the years. While some analysts have raised cautionary flags regarding the potential impact of the halving cycle on miner revenue, Marathon's performance post-halving has been promising. The company reported a 25% increase in its stock price in the days following the halving, signaling investor confidence in its growth prospects. Looking ahead, Marathon's bullish stance on hash rate expansion reflects broader trends in the Bitcoin mining landscape. Despite regulatory and market uncertainties, miners are doubling down on their infrastructure investments, betting on the long-term viability of Bitcoin mining. With Marathon leading the charge, the industry is poised for further innovation and consolidation, paving the way for sustainable growth in the digital asset ecosystem.
NASDAQ:MARALong
by DEXWireNews
MARA - NOW NOT THE TIME TO GET SHAKEN OUT.. $140-$200 COMING Now that the bitcoin ETFs are past 90 days of trading, big money RIAs (registered investment advisors) will be able to start dipping their toes. Along with Hong Kong, UK, and now South Korea announcing exposure to ETFs, no one is prepared for the demand shock! MARA forming an ascending triangle with a fake breakout to the downside just before the halving.. We have been doubling down into the halving with MARA.. NOW IS NOT THE TIME TO GET SHAKEN OUT.. NFA.. DYOD.. GL.. LFG!!! 🚀
NASDAQ:MARALong
by BosTrader1
7
$WULF: The Next Leader in the Crypto Mining Sector 🚀⛏️🚧Hello, everyone! We're excited about NASDAQ:WULF 's prospects among other crypto miners, standing out with its eco-friendly operations, profitability post-halving, and strategy to reduce debt without diluting shareholder value through ATM usage. The company's CEO has reassured investors of this commitment. Moreover, a significant short interest in NASDAQ:WULF could potentially propel its value dramatically. Currently, the price is at a crucial juncture, testing the hourly support. Should it break below, it might move to test the daily support level. Conversely, rebounding from the hourly support could set the stage for a climb towards the monthly resistance. Our initial milestone is overcoming the monthly resistance at around $3.70. Surpassing this, we aim for $8 followed by $17 as our subsequent targets. This outlook would be reconsidered if the hourly or daily indicators fall beneath the weekly, suggesting a need to reassess our stance. Stay tuned for updates, and best of luck to us all!
NASDAQ:WULFLong
by SierrasTrades
1
Marathon Digital ($MARA) Spikes 5.53% Amidst Bitcoin Volatility Marathon Digital Holdings Inc. (NASDAQ: NASDAQ:MARA ) stands out as a key player in the Bitcoin mining sector. With recent developments in the company's expansion efforts and the volatile nature of the crypto market, investors are left wondering whether MARA stock is a lucrative opportunity or a risky bet. Expanding Bitcoin Mining Infrastructure: Marathon Digital's ( NASDAQ:MARA ) recent agreement to acquire a Texas-based Bitcoin mining data center for $87.3 million demonstrates the company's commitment to expanding its mining operations. This strategic move is aimed at bolstering Marathon Digital's mining capabilities and positioning it for potential growth as Bitcoin continues its ascent. Profitability Amidst Market Volatility: Despite the inherent volatility of the cryptocurrency market, Marathon Digital has proven its resilience by maintaining profitability even during challenging times. With earnings of 74 cents per share in the fourth quarter of 2023, significantly surpassing analysts' expectations, the company has shown its ability to navigate through crypto market fluctuations. Strong Financial Position: One factor that sets Marathon Digital ( NASDAQ:MARA ) apart is its robust financial position. With $357.3 million in unrestricted cash and cash equivalents as of the end of last year, along with substantial holdings of Bitcoin, the company is well-capitalized to support its expansion plans. This financial stability provides investors with confidence in Marathon Digital's ability to execute its growth strategy effectively. Riding the Bitcoin Wave: As Bitcoin's price continues to soar, Marathon Digital ( NASDAQ:MARA ) stands to benefit from the increased demand for Bitcoin mining services. Analysts have speculated that Bitcoin could reach $90,000, which could lead to a significant uptick in Marathon Digital's stock price. However, investors should be prepared for a roller-coaster ride, as the cryptocurrency market is known for its volatility. Considerations for Investors: Investing in Marathon Digital ( NASDAQ:MARA ) stock requires a bullish outlook on Bitcoin and a tolerance for risk. While the company's profitability and strong financial position provide a degree of stability, the inherent volatility of the crypto market means that share prices can fluctuate dramatically. Additionally, the acquisition of the Bitcoin mining data center adds another layer of risk, albeit with potential rewards. Technical Outlook Marathon Digital ( NASDAQ:MARA ) stock is trading above the 200, 100 & 50-day Moving Averages (MA) respectively with a Relative Strength Index (RSI) of 53 indicating a start of a bullish breakout. further ascertaining the Bullish trend is the Head and Shoulder pattern depicted on the chart.
NASDAQ:MARALong
by DEXWireNews
1
MSTR has more rocket fuel LONGMSTR recently bought up a lot more coins. News that an insider sold $7 M in shares while interesting is quite meaningless. He still has $150M plus. MSTR is riding a " Bollinger Band march" on the upper band. This is a huge surge. I was happy to catch a buy today at $1575 off a low-ball limit order that somehow got filled. All things crypto has a great day. It was a Magic Monday for sure. I will sell some on Thursday mid-day and buy more next Monday. I know all the contrary ideas- Reckless abandonment. Poor risk management. The answer my initial capital into MSTR has been long returned to the account ( then spent getting larger in semiconductors); this is all profit being compounded. If there is some risk it is all accepted. the entire position has a trailing stop loss of !0% - no problem seen. Risk on. BTBT RIOT are running in the shadows and the positions are not half bad. BTUSD and ETHUSD on forex with 100:1 leverage are carrying their own weight.
NASDAQ:MSTRLong
by AwesomeAvani
RIOT retraced and could reverse but BTC is falling SHORTOn the 15-minute chart- RIOT uptrended and then retraced. It is now supported by the standard Fibonacci retracement zone and UNDER the intermediate term mean anchored VWAP. On the RSI indicator, the signals are UNDER the 50 level another suggestion of direction being forecasted. In the meanwhile BTCUSD is trending down. while RIOT is not trading. I will watch RIOT after the open on Monday fully expecting it will fall into the lower VWAP bands but there could be a surprise if BTCUSD reverses over the weekend.
NASDAQ:RIOT
by AwesomeAvani
FUFU a crypto junior miner near penny LONGFUFU went public visa a SAPC ; It is a crypotminer from Singapore. Market cap is SEED_TVCODER77_ETHBTCDATA:1B and the price to sales is 4. On the 30 minute chart with a set of anchored VWAP lines and a predictive algo based on Gaussian regression lines by LuxAlgo., price is seen first in a VWAP breakout into above the third upper VWAP lines peaking on Match 6 and then a gradual full retracement over the 4 days that follow. It is now under that lowe third VWAP line.The range percentage was about 100%. I now see this as a long trade with 100% upside to the Fibonacci level of the downtrend.
NASDAQ:FUFULong
by AwesomeAvani
Bubble theory 🫧 BTC minersThere are two type of bubbles and they burst for different reasons? A bubble is when too many people hold something and what has driven prices up, now as a force works against them. There's a saying. Buy things when everyone is a skeptic. Sell when a taxi driver starts talking about investing. There are no more buyers left on top. First bubble is when volume dries up as the price hits extremes. Second is when peoples attitudes or sentiment, or opinions change to bearish. And that can happen over night, like a switch. It's interesting and finance is a social science. Some bubbles can burst due to external events, like start of wars or some financial crisis. There can be strong bull markets and most of times, these external events would just be noise? > Was btc miners in bubble? And what type of bubble? I think Yes and No? Whenever there's a risk free trade, supported by factors a bubble emerges? The price of Mara was rallying hard, trend was strong. You could argue people got over optimistic, knowing the ETF decision was a risk event. -> therefor (the burst) was sentiment driven. But also predictable? Bubble is when too many people hold asset and there re no buyers left. Similar how a taxi driver is hype about investing. Technical analysis gives you perspective and context. In 1st instance, impulse was too high and volume indicates crowding? It's tricky because it looks so bullish. In 2nd instance, impulse was too low. Price action looked bullish? bubbles happen when too many people hold the shares and expect them to rise. If 1st instance was sentiment switch driven, then 2nd time, the bubble must burst due to exhaustion (or no people left to buy... at these prices.. similar how taxi driver hops in the trade at the wrong time). Factors and thesis can be bullish - and bubble still bursts. Is NVDA and SMCI a bubble? I think there is difference between NVDA, SMCI investors and their time horizon? It could be. I think people believe their investment is supported by the tech drivers. Every dip should be bought out by smart investors and these are the best assets to own in next 5-10 years. It doesnt mean there cant be external events and risks. again- bubble is when too many people are in investment. So bubble can burst either by them changing their sentiment or beliefs (maybe fundamentals must change?). Or if price is just so ridiculously high or there is no money left at sidelines, that trend can't be sustainable. When markets rally - everyone only reads good news and ignores bad news. And vice versa. #HowardMarks #MarketCycle ---> The Risk-Reward buying at these tops just isn't great. That's why they burst. Accompanied by sentiment risks, that hide behind the hood.
NASDAQ:MARAEducation
by citsvar
2