Cryptocurrency miner Marathon Digital Holdings (MARA) has been volatile as the price of Bitcoin fluctuates wildly. Here is what the fundamentals and technical analysis say about buying MARA stock now.
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Marathon is a digital asset technology company that mines cryptocurrencies, focusing on the blockchain ecosystem and the generation of digital assets.
The company started out in 2010 as Marathon Patent Group, when it began collecting patents related to encryption. MARA stock began trading in 2013. On March 1, 2021, the company changed its name to Marathon Digital Holdings. On April 26, 2021, Fred Thiel replaced Merrick Okamoto as CEO. The company announced Dec. 15, 2021, that Okamoto was stepping down as chairman at the end of 2021. Thiel became chairman on Jan. 1, 2022.
Marathon Digital provides the computing power needed to mine Bitcoins. Bitcoin mining consists of processing, or validating, transactions. The speed at which a digital currency miner processes transactions is called hash rate. The faster a miner can process transactions, the more revenue it generates.
Marathon Digital is paid in Bitcoin for mining. The company can then sell this Bitcoin to generate revenue. Marathon Digital also funds its operations through financing.
The price of Bitcoin jumped more than 12% to around $44,249 on March 1, 2022, as governments around the world intensify economic sanctions on Russia for invading Ukraine. Some experts believe Bitcoin could be seen as a safe haven for Russians and Ukrainians to get money out of their respective countries.
Crypto Regulations Coming
President Biden on March 9 signed an executive order calling on the federal government to examine the risks and benefits of cryptocurrencies.
“The United States must maintain technological leadership in this rapidly growing space, supporting innovation while mitigating the risks for consumers, businesses, the broader financial system, and the climate,” the White House said in a statement.
The order lays out a national policy for digital assets across six key priorities: consumer and investor…
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