The action continues, one article to understand the recent layout of leading mining company Marathon

Author: shaofaye123, Foresight News

The Bitcoin 2024 conference officially started on July 25, and the first day’s agenda focused on BTC mining. As a leader in Bitcoin mining companies, Marathon Digital has attracted the attention of many investors. Recently, the company has been receiving constant news and actions, and a series of initiatives have become hot spots in the industry. This article will give you a quick overview of Marathon Digital’s latest layout in key areas such as increasing its holdings of Bitcoin and incubating L2.

1. About Marathon Digital

Marathon Digital was formerly a patent acquisition company (Marathon Patent Group Inc). Since it changed its name in 2013 and began to focus on digital asset mining, it has experienced a transformation from traditional business to Bitcoin mining. Gorgeous transformation. This transformation not only marks a major shift in the direction of the company's business, but also heralds its ambitions in the emerging cryptocurrency field. MARA has now become one of the largest Bitcoin mining companies and one of the largest Bitcoin holders among North American listed companies.

MARA's business is self-operated Bitcoin mining, and its business model is to purchase mining machines and deploy mines to hold currencies. The profit method is relatively simple, and it can only rely on improving BTC mining efficiency and appreciation to make profits, and the debt ratio is high. Its revenue has a stronger correlation with the price of Bitcoin, and it is prone to the risk of insolvency during the bear market. As a mining stock, it has a higher BTC leverage effect and can also effectively reflect the BTC bull and bear cycle from the side. Hash Ribbons can reflect the relationship between Bitcoin miners’ computing power, mining enthusiasm and Bitcoin price to a certain extent. According to data tracked by Glassnode, the Bitcoin hash ribbons indicator is recovering from a "capitulation period" of several months. This indicates that miner capitulation is gradually ending and price momentum is slowly turning from negative to positive. In addition, before and after the Bitcoin halving, the profit price predictions of mining companies also have certain significance for market trends. Therefore, continued attention to mining companies may lead to a more accurate grasp of the Bitcoin cycle.

Source: https://studio.glassnode.com/metrics

II. Recent layout

Bitcoin accumulation: Accumulating core assets

Marathon Digital in the field of Bitcoin mining An important strategy is its long-term holding strategy for Bitcoin. According to news on July 25, MARA has purchased $100 million worth of Bitcoin, and the number of Bitcoin holdings on its balance sheet has exceeded 20,000, which is approximately $1.3 billion, close to 0.1% of the total supply. MARA Chief Financial Officer Salman Khan did not disclose the specific purchase time and average price. However, according to Bitcoin Finance data, MARA held 18,536 BTC at the end of June, which can be speculated that the purchase was approximately 1,500 BTC, with a price range between $54,000 and $68,000.

Marathon Chairman and CEO Fred Thiel said: "Adopting a comprehensive HODL strategy reflects confidence in the long-term value of Bitcoin. We believe Bitcoin is the best reserve asset in the world and support sovereign wealth funds holding Bitcoin idea. We encourage both governments and enterprises to hold Bitcoin as a reserve asset."

Marathon Digital's accumulation strategy in Bitcoin is a reflection of its long-term investment philosophy. By continuing to purchase Bitcoin, MARA not only strengthens its balance sheet but also provides a safety cushion against future market fluctuations. This strategy shows its unwavering optimism for the long-term value growth of Bitcoin, while also providing a stable source of income during market downturns.

Kaspa Mining: Rich Asset Portfolio

Kaspa is a POW public chain built on the GhostDAG protocol. Kaspa's high-speed BPS can make PoW mining truly decentralized. Kaspa’s mining process is more energy efficient compared to Bitcoin.

Back in May 2023, MARA began evaluating Kaspa as a potential way to further diversify its asset portfolio. After the successful deployment of the first Kaspa ASICs in September 2023, MARA begins to scale its operations. Marathon has purchased approximately 60 petahash of KS3, KS5 and KS5 Pro ASICs, with ASIC Miner Value estimating that the profit margin per ASIC is as high as 95% in some cases given current network difficulty and KAS prices. As of June 25, 2024, Marathon has mined 93 million KAS, currently worth approximately $15 million.

Marathon Chief Growth Officer Adam Swick said: "By mining Kaspa, we can create a diversified revenue stream different from Bitcoin and bring core competitiveness in digital asset calculations." "Because of our existing infrastructure, With unique relationships with hardware manufacturers, a strong balance sheet, and the expertise of the team, Marathon is uniquely positioned to mine Kaspa for higher profits

Anduro Incubation: Deepening Ecological Layout

Anduro 是 Marathon Digital 孵化的比特幣側鏈平台 ，但獨立於 MARA 發展。 Anduro 側鏈透過稱為合併挖礦的過程以比特幣工作量證明為共識核心。只需整合一個簡單的 API 並運行一個完整的 Anduro 節點，任何比特幣礦工都可以從 Anduro 側鏈一次性永久賺取以比特幣計價的交易費，合併挖礦也無需額外的電力消耗。 Marathon Digital 認為透過比特幣應用層來維持礦工的激勵、吸引創新者以及增加交易量至關重要。而市場目前存在空白，Anduro 要做的就是創建一個合適的比特幣應用層，解決礦工激勵問題的同時，增強比特幣網路的功能和吸引力。其包含三個關鍵元件，分別為 Collective、側鍊和側鏈原生資產。

Marathon 董事長兼執行長Fred Thiel 表示：「Anduro 可能會引入新的費用收入來源，從而增加Marathon 不斷增長的技術堆疊。除此之外，透過擴展比特幣的功能，Anduro 或許能夠提高比特幣的採用率，從而推動整個比特幣生態的發展。的用例。解決方案可能更快。在新興市場，監管批准通常更快更便宜，因為當地政府和監管機構希望獲得更好的跨境支付解決方案。

目前，Anduro 已整合 Portal to Bitcoin，允許用戶透過原子交易（加密貨幣可以進行點對點交易）將 ETH 等資產轉換為 BTC。根據 Cointelegraph 「跨國 BTC 支付是 Anduro 的首要任務」報道，Marathon Digital 正在尋求與區塊鏈開發者合作，以建立比特幣 L2 跨國支付解決方案。除了支付，Marathon 還關注現實資產的代幣化計劃，包括在美國將威士忌桶代幣化，以及與一個平台合作保護法國城堡。

MOEP 合作：永續發展

今年 5 月底，比特幣礦工 Marathon Digital 與肯亞宣布合作開展再生能源項目，消息傳出後，MARA 股價日漲幅 5%。根據聯合聲明，二者將成立一個委員會，負責指導所有能源相關項目的開發和實施。

Source：https://ir.mara.com/investors/news-events/press-releases/detail/1358/

結語

MARA 的近期佈局，無論是在技術積累創新，還是生態建設、能源效率管理等方面，都展現了其作為礦業龍頭的實力與遠見。近日，根據 Factset 最新調查，MARA 的 EPS 預估上調至 0.65 元，預估目標價可達 22.50 元。相信隨著比特幣挖礦業的不斷成熟和全球算力的重新分佈，MARA 預計將持續領先。

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