Will MARA's asset light approach turn out to be the winning strategy to survival during the latest Bitcoin downturn? Who knows but MARA has less than 30 headcount and no hosting services. RIOT and CORZ have hundreds of employees and offer infrastructure and hosting services for smaller miners who may not be profitable and shutting off equipment at the current Bitcoin price. Their overhead and operating expenses will tend eat up a lot of cash rather quickly. CORZ may be successful in restructuring, but they are facing a number of legal actions that will be costly to litigate. It would be good for the industry if they can survive.

With Bitcoin around $16K, the CoinWarz mining calculator shows MARA should still be showing a gross profit while running all Antminer S19 Pros with electricity cost of $.07, pool/maintenance fees of about 2% and Bitcoin mining difficulty of 36.95T. The main concern I have is that they are not producing enough blocks each day. With a hashrate of at least 7.0 EH/s, they should be producing an average of 4 blocks/day, but they are only averaging 2.3 per day through 11/21.

Despite the collapse of the FTX 'centralized' exchange due to the corruption and lack of corporate oversight, Bitcoin remains sound and their blockchain is immutable. Transactions continued uninterrupted. DeFi's are actually accelerating as more users look for non-centralized exchanges. More and more Bitcoin is being removed off the exchanges and into cold storage wallets such as Ledger.$Marathon Digital Holdings Inc(MARA)$