Marathon Digital (MARA) Enjoys Bitcoin Price Surge

With the uptrend in the broader cryptocurrency market, crypto firms also started showing optimistic sentiment reflecting on their stock price. Bitcoin miner Marathon Digital Holdings (NASDAQ: MARA) is no exception. Price of the leading cryptocurrency has increased consistently since the new year started which clearly pushed the MARA stock price. However, there could be other factors also behind the company’s situation getting better. 

MARA Stock Price Action

MARA stock is trading at 8.02 USD after a steep fall of over 8% in a day. This drop is relatively worse than the market indices like S&P 500 and NASDAQ with slight increases of 0.25% and 0.95% respectively during the similar timeframe. However, in a monthly time frame, the stock price surged up to 135% from about 3.4 USD to the current trading price. 

source – TradingView

Although the price action of MARA stock has the effect of BTC price surge, it is expected to remain up given the bolstered volume. 

Currently Bitcoin (BTC) is trading at 23,649.73 USD with a slight increase of 1.87% in the last 24 hours. 

The bitcoin miner is likely to show strong performance in its upcoming earnings release. MARA stock is expected to have earnings per share (EPS) of 0.15 USD, which is over 141% lower than last year’s fourth quarter. While about the revenue, the consensus estimate tells that it is likely to remain 40.47 million USD after year over year drop of over 32%. 

Increased Bitcoin Production and Hashrate

Marathon Digital was earlier reported to release its Bitcoin production by the end of last year. The numbers were satisfying for the mining firm amidst the crypto winter. 

During December of 2022 alone, the mining company mined 475 BTC, while for the whole quarter the number was 1,563 BTC. It mined overall 4,144 BTC during the whole year, which is comparatively 30% high from previous year’s production of 3,197 BTC. 

Marathon stood at bitcoin holdings of 12,232 Bitcoin by December 2022 and 103.7 million USD worth cash position. 

In addition to the alleviated BTC production, the mining firm also witnessed an increase in its combined computing power. The company stood at the computing capacity of 7.0 exahashes per second. In December 2022, it employed over 12,000 S19 XPs bitcoin miners in the Jamestown facility of North Dakota region. The company expects to bring the hashrate three times to 23 exahashes per second by the mid of this year. 


The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss

Latest posts by Andrew Smith (see all)