Diversified business expansion, full industry chain layout, a quick look at the recent developments of leading mining company Marathon

Written by: 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

2. Recent layout

Bitcoin accumulation: accumulation of core assets

An important strategy of Marathon Digital in the field of Bitcoin mining 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 its team, Marathon is uniquely positioned to tap Kaspa for higher profits

Anduro 孵化：深化生态布局

Anduro 是 Marathon Digital 孵化的比特币侧链平台 ，但独立于 MARA 发展。Anduro 侧链通过称为合并挖矿的过程以比特币工作量证明为共识核心。只需集成一个简单的 API 并运行一个完整的 Anduro 节点，任何比特币矿工都可以从 Anduro 侧链一次性永久赚取以比特币计价的交易费，合并挖矿也无需额外的电力消耗。Marathon Digital 认为通过比特币应用层来维持矿工的激励、吸引创新者以及增加交易量至关重要。而市场当前存在空白，Anduro 要做的就是创建一个合适的比特币应用层，解决矿工激励问题的同时，增强比特币网络的功能和吸引力。其包含三个关键组件，分别为 Collective、侧链和侧链原生资产。

Marathon 董事长兼首席执行官 Fred Thiel 表示：「Anduro 可能会引入新的费用收入来源，从而增加 Marathon 不断增长的技术堆栈。除此之外，通过扩展比特币的功能，Anduro 或许能够提高比特币的采用率，从而推动整个比特币生态的发展。」

Marathon 侧链产品负责人 JulianDuran 在 7 月 26 日的 Bitcoin 2024 大会发言表示，「跨境支付是区块链，特别是比特币最大的用例。」「在新兴市场，海外汇款的平均成本为交易价值的 8% 至 10%，结算通常需要 3-4 天。相比之下，比特币转账通常在 10 分钟内完成，而二层解决方案可能更快。」此外，Duran 强调，任何支付解决方案的成功都需要严格遵守监管规定，尽管这可能会增加成本。在新兴市场，监管批准通常更快更便宜，因为当地政府和监管机构希望获得更好的跨境支付解决方案。

目前，Anduro 已集成 Portal to Bitcoin，允许用户通过原子交易（加密货币可以进行点对点交易）将 ETH 等资产转换为 BTC。据 Cointelegraph 「跨境 BTC 支付是 Anduro 的首要任务」报道，Marathon Digital 正在寻求与区块链开发者合作，以构建比特币 L2 跨境支付解决方案。除了支付，Marathon 还关注现实资产的代币化计划，包括在美国将威士忌桶代币化，以及与一个平台合作保护法国城堡。

MOEP 合作：可持续性发展

今年 5 月底，比特币矿工 Marathon Digital 与肯尼亚宣布合作开展可再生能源项目，消息传出后，MARA 股价日涨幅 5%。根据联合声明，二者将成立一个委员会，负责指导所有能源相关项目的开发和实施。

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

结语

MARA 的近期布局，无论是在资产积累、技术创新，还是生态建设、能效管理等方面，都展示了其作为矿业龙头的实力和远见。近日，据 Factset 最新调查，MARA 的 EPS 预估上调至 0.65 元，预估目标价可达 22.50 元。相信随着比特币挖矿行业的不断成熟和全球算力的重新分布，MARA 有望持续领跑。

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