Marathon Digital Holdings Inc
XMUN:M44
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Marathon Digital Holdings Inc
XMUN:M44
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Marathon Digital Holdings Inc
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Marathon Digital Holdings Inc
Marathon Digital Holdings is a bitcoin mining company. It buys and runs large fleets of specialized computers that compete on the Bitcoin network to validate transactions and earn newly created bitcoin. Its core product is therefore not a physical good sold to consumers, but bitcoin it mines and holds or sells. Its main customers are not traditional retail buyers. Instead, Marathon makes money from the Bitcoin protocol itself and from any related digital asset treasury activity. In some periods it may also provide mining-related services such as hosting or infrastructure support, but the center of the business is using cheap power and efficient hardware to turn electricity into bitcoin. What makes Marathon different is that it sits very close to the source of bitcoin supply. Its results depend heavily on electricity costs, mining hardware performance, and the economics of the Bitcoin network. That makes it part miner, part infrastructure operator, and part digital asset holder, rather than a normal software or financial company.
Marathon Digital Holdings is a bitcoin mining company. It buys and runs large fleets of specialized computers that compete on the Bitcoin network to validate transactions and earn newly created bitcoin. Its core product is therefore not a physical good sold to consumers, but bitcoin it mines and holds or sells.
Its main customers are not traditional retail buyers. Instead, Marathon makes money from the Bitcoin protocol itself and from any related digital asset treasury activity. In some periods it may also provide mining-related services such as hosting or infrastructure support, but the center of the business is using cheap power and efficient hardware to turn electricity into bitcoin.
What makes Marathon different is that it sits very close to the source of bitcoin supply. Its results depend heavily on electricity costs, mining hardware performance, and the economics of the Bitcoin network. That makes it part miner, part infrastructure operator, and part digital asset holder, rather than a normal software or financial company.
Revenue: Q2 revenue was $174.9 million, down from $238.5 million a year ago, as a 28% drop in Bitcoin’s average price more than offset higher Bitcoin production.
Portfolio shift: Management said Q2 was about transforming the company’s power portfolio, with expected total power capacity rising to 4.8 gigawatts, nearly 2.5x the size at the start of the year.
Long Ridge: MARA advanced the Long Ridge acquisition, secured noteholder approval to assume the notes at closing, and said FERC approval is expected soon.
Funding: The company added $600 million of Bitcoin-backed borrowings at a weighted average cost of debt of 7.56% and called the structure nondilutive.
Demand: Management said demand for powered sites is broad and said it remains confident it can sign at least 2 leases before year-end.
Losses: Net loss was $611.3 million, driven largely by a $343 million unrealized mark-to-market hit tied to Bitcoin prices, while adjusted EBITDA was negative $360.9 million.