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Marathon Digital Holdings Inc. (MARA) stock rises in the pre-market trading. Why is it so?

Marathon Digital Holdings Inc. (MARA) stock gained by 4.05% at the last trading close whereas the MARA stock price declines by 0.69% at the last check in the pre-market trading session. Marathon is a digital asset technology business that mines cryptocurrencies and focuses on the blockchain ecosystem and digital asset production.


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Upcoming Event

Marathon Digital Holdings will take part in the H.C. Wainwright Cryptocurrency, Blockchain & FinTech Conference on Tuesday, April 27, 2021, which will be held digitally.

Business Analysis

The continued growth of the cryptocurrency has benefited stocks of firms working within the Bitcoin environment. Marathon Digital Holdings (MARA), for example, has seen its stock soar. Marathon, on the other hand, is currently not making any income from Bitcoin. That’s because it’s hoarding everything it can get its hands on, implying that it wants Bitcoin’s price to rise much further.

Last week, MARA issued a market update that included 1Q21 production figures. In the first year, the company mined 196 BTC, with 102.3 BTC mined in March. Marathon had 5,134.2 Bitcoin on the books as of March 31, including the 4,812.7 BTC bought in January. This equates to $308 million at the average Bitcoin price of about $60,000.

Marathon’s potential to mine Bitcoin is only getting better, as shown by the March mining statistics. And its capabilities can only improve in this region.

Also,

According to H.C. Wainwright analyst Kevin DedeMarathon has its hands on the best-performing mining machines currently in mass production, with promises that they will all be produced by the March quarter of 2022. MARA has been “shrewd” in its sales agreements, costing about $2,300 per rig, much less than the $7,999 to $18,500 range that some S19 Pro units have recently sold for.

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