MARA vs. Bitcoin: Which is the better investment? (2024)

MARA could offer upside relative to BTC, but BTC is clearly the safer bet

As Bitcoin (BTC) hits new highs in 2024, investors are more interested than ever in Bitcoin-related assets like MARA Holdings (MARA).

While buying Bitcoin (BTC) directly is simple and straightforward, MARA presents a unique investment opportunity that combines: (1) large-scale Bitcoin mining operations AND (2) leveraging convertible notes to buy & HODL BTC.

As a result of this multifaceted strategy, MARA has potential to outperform BTC under certain conditions.

Over the past year (YTD) MARA is up ~134.53% vs. BTC is up ~121.62% - so you’d have achieved around 12-13% extra ROI with MARA from Nov 2023 to Nov 2024.

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MARA’s Business Strategy: Mining, HODLing, Convertible Notes

1. Mining Operations

MARA’s core activity is mining Bitcoin, with substantial operational scale.

Hash Rate: Operating at 40.2 EH/s as of November 2024, with advanced infrastructure investments to enhance productivity.

Mining Costs: Total cost of revenues for Q3 2024 was $198.663 million, including:

• Mining and hosting services: $97.527 million.

• Depreciation and amortization: $101.136 million.

Cost Per Bitcoin: With 2,070 BTC mined in Q3 2024, MARA’s cost per Bitcoin was $95,972, exceeding Bitcoin’s Q3 average price of ~$93,697.