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.
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.
