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 <p class="is-style-lead">Bitcoin miner Marathon Digital Holdings (MARA) has experienced a remarkable surge in its <a rel="noopener noreferrer nofollow" title="stock" href="https://thebittimes.com/tag/stock.html">stock</a> value, with a 622.8% increase throughout 2023, even though it has previously faced a substantial decline from its all-time high levels.</p>
 <p>The current price of Marathon Digital Holdings (MARA) sits at $24.78, a figure which, however, still represents an approximate 85% decline from its all-time high of $166.40 reached in March 2012.</p>
 <figure class="wp-block-image size-full"><img decoding="async" width="850" height="632" src="https://cdn.thebittimes.com/images/2023/12/22/e7efb0ede4ed47214109b03995f5b3bf.webp" alt="Marathon Digital's stock performance peaks in 2023 as BTC halving draws nearer - 1" class="wp-image-14230571">
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   Marathon Digital stock 1 year price chart | Source: Google Finance
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 <p>The <a rel="noopener noreferrer nofollow" title="stock" href="https://thebittimes.com/tag/stock.html">stock</a>’s remarkable <a rel="noopener noreferrer nofollow" title="performance" href="https://thebittimes.com/tag/performance.html">performance</a> coincides with pivotal developments in the cryptocurrency market, particularly the anticipated decision by the US Securities and Exchange Commission (SEC) regarding the approval of the spot Bitcoin Exchange-Traded Fund (ETF), expected by Jan. 10.</p>
 <p>The approval of this ETF is expected to bring a massive influx of capital into the market, with major institutions like BlackRock and Grayscale potentially offering it to their clients.</p>
 <p>Amidst these market speculations, Marathon Digital’s CEO and Chairman, Fred Thiel, has pointed to the company’s “significant progress” in strengthening its financial position, a factor he considers crucial in the lead-up to the Bitcoin <a rel="noopener noreferrer nofollow" title="halving" href="https://thebittimes.com/tag/halving.html">halving</a> event scheduled for April 2024.</p>
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 <p>This BTC <a rel="noopener noreferrer nofollow" title="halving" href="https://thebittimes.com/tag/halving.html">halving</a> event, which occurs approximately every four years, is expected to impact miners’ rewards and has been a topic of discussion within the industry regarding its potential effects on profitability.</p>
 <p>This comes after recent reports that Marathon Digital has recently announced a significant move towards increasing its operational capacity.</p>
 <p>The BTC mining firm has formalized a purchase agreement to acquire two fully operational Bitcoin mining sites, which together offer 390 megawatts of capacity.</p>
 <p>As earlier reported by crypto.news, the deal, valued at $178.6 million, represents a significant shift for Marathon Digital as the company moves from its previous asset-light structure to managing a more diverse range of Bitcoin mining operations.</p>
 <p>Financially, Marathon Digital has demonstrated a significant turnaround, reporting a net income of $64.1 million in the third quarter, a stark contrast to a net loss of $72.5 million during the same period in the previous year.</p>
 <p>This improvement in financial <a rel="noopener noreferrer nofollow" title="performance" href="https://thebittimes.com/tag/performance.html">performance</a> is attributed to a 467% increase in Bitcoin production coupled with a 32% rise in the average price of Bitcoin, resulting in a substantial growth in quarterly revenues to $97.8 million.</p>
 <h2 class="wp-block-heading" id="valuation-challenges-in-wake-of-financial-success">Valuation challenges in wake of financial success</h2>
 <p>Despite these developments, Marathon Digital has not escaped scrutiny as MinerMetrics has identified the company as one of the most overvalued in the crypto mining sector, citing a high enterprise value-to-sales (EV/S) ratio of 5.6.</p>
 <p>This elevated valuation is influenced by Marathon’s visibility and favorable standing among institutional investors, which has facilitated better access to capital and, consequently, a higher market valuation.</p>
 <p>MARA’s power costs are some of the highest among public miners. However, Bitcoin transaction fees peaked at a record two-year high, thereby adding around 30% higher mining rewards for miners.</p>
 <p>Looking ahead, Marathon Digital is positioning itself for further growth, with plans to increase its hash rate by approximately 30% in 2024.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Marathon Digital mined 1,187 BTC in November amidst record network difficulty
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/marathon-digital-s-stock-performance-peaks-in-2023-as-btc-halving-draws-nearer-tbt74493.html">https://thebittimes.com/marathon-digital-s-stock-performance-peaks-in-2023-as-btc-halving-draws-nearer-tbt74493.html</a></p>

Marathon Digital’s stock performance peaks in 2023 as BTC halving draws nearer

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