MARA reported 58% increase in bitcoins produced in JAN'24

Marathon Digital Holdings (NASDAQ:MARA) reported a 58% increase in bitcoins produced in January 2024 with the number coming up to 1,084.

In January, the company increased energized hash rate 7% to 26.4 exahash.

❤️🧡💛💚Sector Analysis of Bitcoin Miners (published by Seeking Alpha)💚💛🧡❤️

The average Bitcoin price from today (as of the time of writing) through April 2025 is projected to be around $66,000. 

This projection is then benchmarked against the major Bitcoin miners to determine their sustainability and profitability. Here's what was observed:

Only Marathon Digital Holdings (MARA) and Iris Energy (IREN) can break even (see attached picture above) based on today's Bitcoin price.

Post-halving, only IREN and MARA are expected to break even after the halving event.

Long run going into April 2025, we expect MARA and IREN to profit significantly when Bitcoin prices soar.

The general total business costs per Bitcoin rose across the board, except for MARA and CLSK 😎😎

Therefore, these observations imply that the risk of another wave of bankruptcies is real and tangible. For instance, the ones that "went down" (or nearly) in the previous bear market include Compass Mining, Bit Digital, Core Scientific, Greenidge Generation, Compute North, USBTC, and others. These unsustainable mining operations can potentially lead to a sector-wide consolidation and acquisition.

Another implication we can draw from this potential sector consolidation is to focus only on the strongest miners.

We strongly favor CLSK while keeping tabs on MARA, BITF, and IREN.

We favor CLSK because CLSK has shown consistent Bitcoin production growth (phenomenal should they hit 50 exahashes/s by Q42024), and network share growth while keeping total cost per Bitcoin in the low $30,000 level. MARA also looks promising for the same reason (see attached picture below), consistent Bitcoin production growth, network share growth, and cost basis. BITF has to show that it can meet its 2024Q2 guidance, while IREN is a strong contender if it begins to HODL Bitcoin.

❌💔We avoid miners like RIOT and HUT as their problems are fundamental.💔❌

🎊🎉💰Loading up on MARA, CLEANSPARK and IREN if you want exposure to Bitcoin Miners.💰🎊🎉

$Marathon Digital Holdings Inc(MARA)$  $CleanSpark, Inc.(CLSK)$  $Riot Blockchain, Inc.(RIOT)$  $Coinbase Global, Inc.(COIN)$  $MicroStrategy(MSTR)$  

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