Mara Holdings（NASDAQ：MARA）在井噴第4季度收入飆升19.3％

Mara Holdings（NASDAQ：MARA）的股票（正式稱為馬拉松數字控股）經驗豐富的令人驚嘆的增長幅度高達19.3％

Shares of MARA (NASDAQ:)Holdings (NASDAQ:)—formerly known as Marathon Digital (NASDAQ:) Holdings—surged by as much as 19.3% in Thursday morning trading. The company’s stunning fourth-quarter earnings report, which blew past Wall Street expectations, initially sent the stock soaring.

Mara（NASDAQ：）Holdings（NASDAQ：）的股票（以前稱為Marathon Digital（NASDAQ :) Holdings，在周四早上的交易中的股份高達19.3％。該公司令人驚嘆的第四季度收益報告吹過去華爾街的期望，最初使股票飆升。

However, despite the initial buying frenzy, MARA’s stock settled with a 9.2% gain by midday, highlighting the ongoing volatility in the Bitcoin (BTC/USD) mining sector.

然而，儘管最初購買了瘋狂，但瑪拉的股票在中午之前以9.2％的收益降低，強調了比特幣（BTC/USD）採礦業的持續波動。

Even with this strong performance, it’s worth noting that MARA is still down 55% over the past year. This stark statistic underscores the critical question at the heart of investing in Bitcoin mining stocks: can they survive in the long term?

即使表現出色，也值得注意的是，在過去的一年中，瑪拉仍然下跌了55％。這種鮮明的統計數據強調了對比特幣採礦股進行投資的核心：從長遠來看，它們可以生存嗎？

To answer this question, we’ll need to delve deeper into MARA’s earnings report and the unique risks and opportunities that come with holding a company like this in 2025.

為了回答這個問題，我們需要更深入地研究Mara的收入報告以及2025年這樣的公司帶來的獨特風險和機會。

MARA Q4 Earnings: A Surprising Beat As Analysts Braced For Woes

瑪拉（Mara）Q4收益：分析師為煩惱做出的驚人節奏

As we discussed in our previous article, analysts had been pessimistic about MARA’s earnings, anticipating a net loss of $0.16 per share on revenue of roughly $181 million.

正如我們在上一篇文章中討論的那樣，分析師對瑪拉的收入感到悲觀，預計淨虧損為每股0.16美元的收入約1.81億美元。

Considering the unpredictable nature of Bitcoin mining, many analysts believed that the company’s earnings would ultimately disappoint investors.

考慮到比特幣採礦的不可預測性質，許多分析師認為該公司的收入最終會使投資者失望。

However, in a surprising turn of events, MARA managed to completely bypass these expectations, reporting earnings that exceeded forecasts. Here’s a summary of the key takeaways:

但是，在一個令人驚訝的事件轉變中，瑪拉設法徹底繞過了這些期望，報告了超過預測的收入。這是關鍵要點的摘要：

This unexpected revenue surge and profitability boost were primarily fueled by the company’s Bitcoin mining operations and strategic purchases of Bitcoin on the open market.

該公司的比特幣採礦業務以及在公開市場上對比特幣的戰略購買，這一意外的收入增長和盈利能力主要是為了推動。

How MARA’s Bitcoin Strategy Paid Off In Q4

瑪拉的比特幣戰略如何在第四季度獲得回報

During Q4 2024, MARA mined 2,492 Bitcoins (BTC) at an average cost of $52,035 per coin. This mining efficiency allowed the company to benefit from Bitcoin’s price movements while maintaining relatively stable operating costs.

在第4季度2024年期間，瑪拉（Mara）開采了2,492個比特幣（BTC），平均每枚硬幣為52,035美元。這種採礦效率使公司可以從比特幣的價格變動中受益，同時保持相對穩定的運營成本。

But MARA did more than just mine; it accumulated 15,574 BTC on the open market at an average cost of $98,531 per coin, making it one of the largest institutional Bitcoin holders.

但是瑪拉不僅做了我的事情。它在公開市場上累積了15,574 BTC，平均每枚硬幣98,531美元，使其成為最大的機構比特幣持有人之一。

Ultimately, this strategy directly links MARA’s financial performance to the cryptocurrency’s price trends. While this approach can lead to massive profits during bull markets, it also exposes the company to substantial losses if Bitcoin prices experience a decline.

最終，該策略將Mara的財務業績與加密貨幣的價格趨勢聯繫起來。儘管這種方法可以在牛市期間帶來巨大的利潤，但如果比特幣價格下降，則該公司也將遭受巨大的損失。

Beyond Bitcoin Mining: MARA’s Diversified Revenue Streams

超越比特幣採礦：瑪拉的多元化收入流

Unlike many of its competitors that rely solely on mining, MARA has diversified its business model to include energy production and computing services, creating additional revenue streams.

與僅依靠採礦的許多競爭對手不同，Mara將其業務模式多樣化，包括能源生產和計算服務，創造了更多的收入來源。

1. Bitcoin Mining: The Core Business

1。比特幣採礦：核心業務

At its core, MARA is still a Bitcoin mining company. It earns revenue by:

馬拉（Mara）的核心仍然是一家比特幣礦業公司。它通過：

While mining remains the company’s primary revenue driver, MARA has made strategic moves to reduce its dependence on Bitcoin’s price volatility.

雖然採礦仍然是該公司的主要收入推動力，但Mara已採取了戰略措施，以減少其對比特幣價格波動的依賴。

2. Energy Production and Data Center Services

2。能源生產和數據中心服務

Unlike many of its competitors, MARA has invested heavily in energy generation, acquiring wind farms and hydroelectric power facilities with a total capacity of 136 megawatts (MW). This move provides multiple advantages:

與許多競爭對手不同，瑪拉（Mara）在能源發電方面進行了大量投資，收購了136兆瓦（MW）的風電場和水力發電設施。此舉提供了多個優勢：

In addition, MARA has expanded into high-performance computing (HPC) services, leveraging its data centers to offer computing power for artificial intelligence (AI), machine learning, and cloud-based services. This diversification makes MARA less vulnerable to Bitcoin price fluctuations compared to traditional mining firms.

此外，Mara已擴展到高性能計算（HPC）服務，利用其數據中心為人工智能（AI），機器學習和基於雲的服務提供計算能力。與傳統採礦公司相比，這種多元化使Mara不容易受到比特幣價格波動的影響。

The Bitcoin Halving: A Double-Edged Sword For MARA

比特幣減半：瑪拉的雙刃劍

The recent Bitcoin halving event, which reduced the mining reward per block from 6.25 BTC to 3.125 BTC, presents both an opportunity and a challenge for MARA.

最近的比特幣減半活動將每個街區的採礦獎勵從6.25 BTC降低到3.125 BTC，這既給Mara提出了機會又是挑戰。

Impact On MARA’S Mining Operations

對瑪拉採礦業務的影響

MARA has already started capitalizing on the halving, increasing its share of global Bitcoin mining rewards to 5.6% in Q4 2024. To put this in perspective, its share was 4.8% in Q3 and 4.4% in Q4 2023.

瑪拉已經開始利用減半，將全球比特幣礦業獎勵的份額增加到第4季度2024年。考慮到這一點，在第三季度的份額為4.8％，在第4季度2023年為4.4％。

However, if Bitcoin prices do not rise substantially, MARA’s profitability could take a hit. With lower block rewards and potentially higher energy costs, the company will need to keep a close eye on its mining expenses to remain in the black.

但是，如果比特幣價格沒有大幅上漲，那麼瑪拉的盈利能力可能會受到打擊。憑藉較低的塊獎勵和潛在的更高的能源成本，該公司將需要密切關注其採礦費用以保持黑色。

The Risk Factor: High Debt And Market Uncertainty

風險因素：高債務和市場不確定性

To fund its aggressive Bitcoin accumulation strategy, MARA took on substantial long-term debt in Q4 2024, a move that comes with significant risks.

為了資助其積極的比特幣積累策略，瑪拉在2024年第四季度承擔了大量的長期債務，這一舉動帶來了重大風險。

As February 2025 unfolds and Bitcoin prices continue to fluctuate, all eyes will be on MARA’s next earnings report. This report will be a key test of the company’s resilience in the face of market volatility.

隨著2025年2月的不斷增長，比特幣價格繼續波動，所有人的目光都將介紹Mara的下一份收益報告。該報告將是面對市場波動時對公司的韌性的關鍵測試。

For risk-tolerant investors, MARA presents a high-risk, high

對於容忍風險的投資者，瑪拉（Mara）提出了高風險的高風險