MARA Stock Climbs On Record-Breaking Mining Power, $1.1B Bitcoin Buy: Retail Displays Unwavering Faith
By Stocktwits Inc | First Published Dec 12, 2024, 1:10 AM ISTThe Bitcoin miner, and second-largest corporate holder of the cryptocurrency, is the first to hit a hash rate of 50 exahashes per second in the industry.
Marathon Holdings stock surged as much as 5% in morning trade on Wednesday after the company revealed it had achieved a record-breaking hash rate of 50 exahashes per second (EH/s) – the highest hashrate of any Bitcoin miner in the industry right now.
However, the stock pared gains by midday, only retaining a 2% increase but remained the fourth-highest trending ticker on Stocktwits in the afternoon.
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A company’s hash rate describes the total computational power used to confirm blockchain nodes and receive rewards in a proof-of-stake consensus.
For MARA, the higher hash rate means the company can now perform 50 exahashes per second—or 50 quintillion hash operations every second.
The second-largest corporate holder of Bitcoin also disclosed the purchase of over 11,000 BTC for $1.1 billion, funded through convertible senior notes.
This purchase brings MARA’s total Bitcoin holdings to 40,435 BTC, valued at approximately $4 billion, representing over half its $7.6 billion market capitalization.
Following the announcement, MARA CEO Fred Thiel (no relation to Peter Thiel) was named among CoinDesk’s Most Influential 2024 list and called "The Michael Saylor of Bitcoin Mining."
Meanwhile, retail investors on Stocktwits feel that MARA has the most potential for future growth among Bitcoin miners, according to an ongoing poll.
However, despite Bitcoin’s bull run to over $103,000 last week and its 118% surge year-to-date, MARA’s stock has only gained 1.5% so far this year, leaving some retail investors jittery about future performance.
However, most users are still bullish on the stock, hoping that a rebound in Bitcoin’s price will trigger a rally for MARA as well.
Bitcoin has gained over 5.6% in the last 24 hours and is currently trading over the $100,000 mark.
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Read also: MARA Holdings Stock Dips Despite JPMorgan Upgrade, Price Target Hike: Retail Unfazed
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