Marathon Digital Holdings Inc. /zigman2/quotes/205886758/composite MARA +2.71% is a digital asset technology company, which engages in mining cryptocurrencies, with a focus on the blockchain ecosystem and the generation of digital assets.
MARA is another of the stocks that traders point to as core in the bitcoin mining space. Like RIOT, shares have been pretty well smacked over recent months, dropping from $80/share down to the $20 level. But the stock has support. And as we outlined at the start, the next leg higher in BTC could have an outsized payoff in stocks like this once investor enthusiasm returns.
Marathon Digital Holdings Inc. /zigman2/quotes/205886758/composite MARA +2.71% recently announced unaudited bitcoin production and miner installation updates for February 2022. The company produced 360.3 self-mined bitcoin during February 2022, a 729% increase from 43.4 self-mined bitcoin in February 2021
"In February, Compute North received permission to begin bringing miners online at new locations, and as a result, we increased our hash rate 8% month-over-month after successfully energizing 2,800 miners," said Fred Thiel, Marathon's CEO. "We produced 360 bitcoin in February, which is a 729% increase year-over-year. Relative to the prior months of January and December, our February production was impacted by increasing network difficulty, continued fluctuations at the power station in Montana, and voluntary curtailment of our miners in Texas to support the grid during a recent storm. We expect our monthly production reliability to improve as we diversify deployments across new locations."
MARA has a history of dramatic rallies. Furthermore, the name has registered increased average transaction volume recently, with the past month seeing 9% over what the stock has registered over the longer term.
Marathon Digital Holdings Inc. /zigman2/quotes/205886758/composite MARA +2.71% has a significant war chest ($615.5M) of cash on the books, which compares with about $13.8M in total current liabilities. One should also note that debt has been growing over recent quarters. MARA is pulling in trailing 12-month revenues of $150.5M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 2180.3%.
Other key stocks in the cryptocurrency space include Hive Blockchain Technologies Ltd. /zigman2/quotes/208543683/composite HIVE +3.05% , Canaan Inc. ADR /zigman2/quotes/215105791/composite CAN +3.54% , Overstock.com Inc. /zigman2/quotes/200022359/composite OSTK +0.56% , Bit Digital Inc. /zigman2/quotes/203221927/composite BTBT +3.42% , and SOS Ltd. ADR /zigman2/quotes/202902836/composite SOS -3.41% .
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