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 <p class="is-style-lead">Bitcoin miner Marathon Digital has seen its stock trading volumes soar, topping U.S. mid and large-cap stocks ahead of a potential spot Bitcoin ETF approval.</p>
 <p>In the past 24 hours, the firm’s <a rel="noopener noreferrer nofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a> volume exceeded 105 million shares, outperforming tech giants like Tesla, Apple, and Amazon, as per Yahoo Finance’s market data.</p>
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   Marathon Digital’s shares lead in trading volume over the past 24 hours | Source: Yahoo Finance
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 <p>Riot Platforms, another significant player in the Bitcoin mining sector, also marked a notable presence, ranking as the sixth most-traded stock with over 40 million shares traded in the same period.</p>
 <p>This <a rel="noopener noreferrer nofollow" title="surge" href="https://thebittimes.com/tag/surge.html">surge</a> in Bitcoin mining <a rel="noopener noreferrer nofollow" title="stock" href="https://thebittimes.com/tag/stock.html">stock</a>s is attributed to the mining industry’s expansion efforts in anticipation of the potential approval of a spot Bitcoin exchange-traded fund (ETF) in early January, coupled with the upcoming Bitcoin halving event in April.</p>
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 <p>Recently, Marathon announced its intention to acquire two mining centers for $179 million, a strategic move to boost its mining capacity by an additional 390 megawatts, supplementing its current 584-megawatt output.</p>
 <p>Riot Platforms, on a similar growth trajectory, purchased Bitcoin mining rigs worth $291 million, marking the firm’s largest hash rate increase to date.</p>
 <p>2023 has been a prosperous year for Bitcoin, with its value escalating by over 163% since the year’s start. However, Bitcoin mining <a rel="noopener noreferrer nofollow" title="stock" href="https://thebittimes.com/tag/stock.html">stock</a>s, particularly those of Marathon Digital and Riot Platforms, have outpaced Bitcoin’s growth, recording year-to-date gains of 767% and 452%, respectively, according to TradingView data.</p>
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   Marathon Digital’s shares exceed Bitcoin’s gains | Source: Trading View
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 <p>The scenario was starkly different for Marathon last year, as the company faced a near $400 million loss in a quarter marred by declining Bitcoin prices, a power outage at its Montana facility, and financial exposure to the then-bankrupt <a rel="noopener noreferrer nofollow" title="miner" href="https://thebittimes.com/tag/miner.html">miner</a> Compute North.</p>
 <p>Bitcoin mining, known for its high energy costs, faces significant financial challenges during Bitcoin price downturns, as <a rel="noopener noreferrer nofollow" title="miner" href="https://thebittimes.com/tag/miner.html">miner</a>s’ earnings diminish while energy costs remain high.</p>
 <p>Marathon’s CEO, Fred Thiel, highlighted the company’s resilience, having overcome debt hurdles except for a convertible note. He also noted Marathon’s recent shift to expansion, including the acquisition of two fully owned Bitcoin mining sites in Texas and Nebraska for $178.6 million.</p>
 <p>These acquisitions have expanded Marathon’s mining portfolio by 56%, which now boasts 910 megawatts of capacity.</p>
 <p>Thiel also emphasized the company’s focus on increased efficiency and diversification, aiming to reduce reliance on Bitcoin mining to 50% of its revenue by 2028.</p>
 <p>Coinbase, the largest publicly traded crypto exchange, has also seen significant growth, with its value increasing by over 450% since the beginning of 2023.</p>
 <p>The crypto sector, still recovering from the FTX collapse and other 2022 setbacks, began the year as a popular short trade. However, this strategy backfired for many traders, as over $6 billion in crypto-related shorts have been liquidated this year.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/marathon-digital-tops-us-trading-charts-as-bitcoin-miner-stocks-surge-tbt74974.html">https://thebittimes.com/marathon-digital-tops-us-trading-charts-as-bitcoin-miner-stocks-surge-tbt74974.html</a></p>

Marathon Digital tops US trading charts as Bitcoin miner stocks surge

TheBitTimes

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