#加密概念美股 Marathon Digital (MARA): Bitcoin Mining Leader

The largest publicly listed mining company in North America, with a hash rate expected to reach 35 EH/s in 2024, accounting for 5% of the total network. Through innovative energy arbitrage models, it has controlled mining costs at $18,000 per coin (industry average $24,000). In Q2, it produced 3,200 BTC, with 40% of that profit locked in through options hedging. It is transitioning to a "mining as a service" provider and has signed contracts with clients such as Amazon AWS. There is significant valuation controversy, with the current market value being 1.8 times its Bitcoin holdings, reflecting a market premium on its operational capabilities.