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Marathon
Digital Holdings, the largest publicly listed Bitcoin (BTC) miner on Wall
Street (NASDAQ: MARA),
has caught the attention of financial group Macquarie, which initiated coverage
of the company’s shares with an “Outperform” rating. Due to the company’s moves towards the artificial intelligence (AI) industry, the stock is expected to grow by nearly 50% in the coming weeks and months.
On
September 24, 2024, Macquarie initiated coverage of Marathon Digital Holdings
with an “Outperform” recommendation. This positive outlook for MARA’s
stock has garnered attention in the financial markets.
A $22 price
target would be MARA’s highest since late July and would represent a
significant rebound from current lows. The company can’t consider the current
year successful: while Bitcoin continues to gain 50%, its stock has fallen by
35%.
MARA Stock News: Price Target at $22. Source: Tradingview.com
However,
this is expected to change due to the company’s moves towards AI, a trend
followed by an increasing number of firms in the mining sector. They focus on high-performance computing (HPC), as confirmed by a recent analysis
from investment management firm VanEck.
VanEck’s head of digital assets research, Matthew Sigel
VanEck’s
head of digital assets research, Matthew Sigel, estimates that this strategic
pivot could unlock $38 billion in value for mining companies by 2027.
“AI
companies need energy, and bitcoin miners have it,” commented Sigel.
“As the market values the growing AI/HPC data center market, access to
power—especially in the near term—is commanding a premium.”
Although
MARA hasn’t officially announced plans to shift its focus to AI, recent
personnel moves seem to confirm this direction. In early September, the company
appointed George and Barbara Humpton to its Board of Directors and named Doug
Mellinger as Lead Independent Director. George, for example, possesses
“deep expertise in artificial intelligence, data centers, and high-growth
technology environments.”
Fred Thiel, CEO, MARA, Source: LinkedIn
“Janet’s
extensive experience in artificial intelligence and data center operations,
coupled with Barbara’s leadership in technology and infrastructure, will be
invaluable as we continue to innovate and grow,” commented Fred Thiel, the MARA
CEO.
Macquarie’s
bullish stance on Marathon Digital is also based on several additional factors:
- Market
Position: Marathon
Digital was recognized for its commanding deployed capacity among institutional
Bitcoin miners. - Comprehensive
Offerings: The
company’s broad range of services in the digital infrastructure space,
including MARAPOOL, MARAFW, Auradine, 2PIC, and various sustainability
initiatives, were highlighted as key strengths. - Integrated
Platform: Macquarie
views Marathon Digital as a scaled, integrated platform for investors looking
to engage with the bitcoin sector.
Mara Stock News: Marathon
Digital Reports 5% Increase in Bitcoin Production for September
According
to the newest MARA’s
mining report, the company produced 705 bitcoins in September, marking
a 5% increase from the previous month.
The Wall
Street Bitcoin miner’s energized hash rate grew to 36.9 EH/s, up 5% from
August’s 35.2 EH/s. Marathon won 207 blocks during the month, a 6% rise
compared to August.
“Our
globally diversified operations demonstrated strength in September, with
significant uptime and increased hash rate,” said Fred Thiel, Marathon’s
Chairman and CEO. “We’re proud to have surpassed a marathon worth of
bitcoin holdings, with nearly 27,000 BTC on our balance sheet.”
The better
results come in a time, when Bitcoin mining difficulty hit a record high of
92.67 trillion, slashing
profit margins among producers.
However, Marathon
remains on track to reach its target of 50 EH/s by the end of 2024. The company
is making progress on converting its Granbury data center from air-cooled to
immersion containers, with completion expected before year-end.
As of
September 30, Marathon held 26,842 unrestricted Bitcoins and did not sell any
during the month. Key operational metrics for September include:
- Average
daily BTC production: 23.5 (up from 21.7 in August) - Share of
available miner rewards: 5.2% (up from 4.8% in August) - Transaction
fees as percentage of total: 1.7% (down from 2.7% in August)
Last month,
MARA
announced the purchase of $249 million worth of Bitcoin, after successfully
closing a convertible senior notes offering in two days.
FAQ, Mara Stock News
What are Marathon
Digital’s AI plans?
While
Marathon Digital hasn’t officially announced specific AI plans, there are
strong indications of a pivot towards AI: The company recently appointed AI
experts Janet George and Barbara Humpton to its board of directors. CEO Fred
Thiel emphasized the growing importance of AI data center strategies and the
need for AI expertise on the board.
How far can MARA stock
rise?
According
to Macquarie’s recent analysis, MARA stock is expected to grow by nearly 50% in
the coming weeks and months. A price target of $22 has been set, which would be
MARA’s highest since late July.
Marathon
Digital Holdings, the largest publicly listed Bitcoin (BTC) miner on Wall
Street (NASDAQ: MARA),
has caught the attention of financial group Macquarie, which initiated coverage
of the company’s shares with an “Outperform” rating. Due to the company’s moves towards the artificial intelligence (AI) industry, the stock is expected to grow by nearly 50% in the coming weeks and months.
On
September 24, 2024, Macquarie initiated coverage of Marathon Digital Holdings
with an “Outperform” recommendation. This positive outlook for MARA’s
stock has garnered attention in the financial markets.
A $22 price
target would be MARA’s highest since late July and would represent a
significant rebound from current lows. The company can’t consider the current
year successful: while Bitcoin continues to gain 50%, its stock has fallen by
35%.
MARA Stock News: Price Target at $22. Source: Tradingview.com
However,
this is expected to change due to the company’s moves towards AI, a trend
followed by an increasing number of firms in the mining sector. They focus on high-performance computing (HPC), as confirmed by a recent analysis
from investment management firm VanEck.
VanEck’s head of digital assets research, Matthew Sigel
VanEck’s
head of digital assets research, Matthew Sigel, estimates that this strategic
pivot could unlock $38 billion in value for mining companies by 2027.
“AI
companies need energy, and bitcoin miners have it,” commented Sigel.
“As the market values the growing AI/HPC data center market, access to
power—especially in the near term—is commanding a premium.”
Although
MARA hasn’t officially announced plans to shift its focus to AI, recent
personnel moves seem to confirm this direction. In early September, the company
appointed George and Barbara Humpton to its Board of Directors and named Doug
Mellinger as Lead Independent Director. George, for example, possesses
“deep expertise in artificial intelligence, data centers, and high-growth
technology environments.”
Fred Thiel, CEO, MARA, Source: LinkedIn
“Janet’s
extensive experience in artificial intelligence and data center operations,
coupled with Barbara’s leadership in technology and infrastructure, will be
invaluable as we continue to innovate and grow,” commented Fred Thiel, the MARA
CEO.
Macquarie’s
bullish stance on Marathon Digital is also based on several additional factors:
- Market
Position: Marathon
Digital was recognized for its commanding deployed capacity among institutional
Bitcoin miners. - Comprehensive
Offerings: The
company’s broad range of services in the digital infrastructure space,
including MARAPOOL, MARAFW, Auradine, 2PIC, and various sustainability
initiatives, were highlighted as key strengths. - Integrated
Platform: Macquarie
views Marathon Digital as a scaled, integrated platform for investors looking
to engage with the bitcoin sector.
Mara Stock News: Marathon
Digital Reports 5% Increase in Bitcoin Production for September
According
to the newest MARA’s
mining report, the company produced 705 bitcoins in September, marking
a 5% increase from the previous month.
The Wall
Street Bitcoin miner’s energized hash rate grew to 36.9 EH/s, up 5% from
August’s 35.2 EH/s. Marathon won 207 blocks during the month, a 6% rise
compared to August.
“Our
globally diversified operations demonstrated strength in September, with
significant uptime and increased hash rate,” said Fred Thiel, Marathon’s
Chairman and CEO. “We’re proud to have surpassed a marathon worth of
bitcoin holdings, with nearly 27,000 BTC on our balance sheet.”
The better
results come in a time, when Bitcoin mining difficulty hit a record high of
92.67 trillion, slashing
profit margins among producers.
However, Marathon
remains on track to reach its target of 50 EH/s by the end of 2024. The company
is making progress on converting its Granbury data center from air-cooled to
immersion containers, with completion expected before year-end.
As of
September 30, Marathon held 26,842 unrestricted Bitcoins and did not sell any
during the month. Key operational metrics for September include:
- Average
daily BTC production: 23.5 (up from 21.7 in August) - Share of
available miner rewards: 5.2% (up from 4.8% in August) - Transaction
fees as percentage of total: 1.7% (down from 2.7% in August)
Last month,
MARA
announced the purchase of $249 million worth of Bitcoin, after successfully
closing a convertible senior notes offering in two days.
FAQ, Mara Stock News
What are Marathon
Digital’s AI plans?
While
Marathon Digital hasn’t officially announced specific AI plans, there are
strong indications of a pivot towards AI: The company recently appointed AI
experts Janet George and Barbara Humpton to its board of directors. CEO Fred
Thiel emphasized the growing importance of AI data center strategies and the
need for AI expertise on the board.
How far can MARA stock
rise?
According
to Macquarie’s recent analysis, MARA stock is expected to grow by nearly 50% in
the coming weeks and months. A price target of $22 has been set, which would be
MARA’s highest since late July.
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