Mara Holdings（NASDAQ：MARA）的股票高達19.3％

Mara Holdings（NASDAQ：MARA）的股票（以前稱為Marathon Digital Holdings）飆升多達19.3％

Shares of MARA (NASDAQ:MARA)Holdings soared as much as 19.3% on Thursday morning, following a blowout fourth-quarter earnings report that saw the company massively beat analysts' estimates and announce a large-scale purchase of Bitcoins (CRYPTO: BTC). By midday, the stock settled with a 9.2% gain.

Mara（納斯達克股票代碼：MARA）股份的股票在周四上午飆升了19.3％，此前第四季度的收益報告使該公司大量擊敗了分析師的估計，並宣布對比特幣進行了大規模購買（Crypto：BTC）。到中午，該股票增長了9.2％。

Despite this surge, it’s worth noting that MARA remains 55% lower over the past year, highlighting the extreme volatility investors can expect from Bitcoin mining stocks.

儘管這一激增，還值得注意的是，在過去的一年中，Mara降低了55％，這強調了投資者對比特幣採礦股可以期望的極端波動性。

Breaking Down MARA’s Q4 Earnings

分解Mara的第四季度收入

As we previously covered, analysts had lowered their expectations for MARA’s earnings. The company faced a triple downgrade from two analysts, who slashed their price targets and expressed concerns over the company’s high debt levels and the recent Bitcoin price drop.

正如我們之前介紹的那樣，分析師降低了對Mara收入的期望。該公司面臨兩位分析師的三重降級，他們削減了其價格目標，並對公司的高債務水平和最近的比特幣價格下跌表示擔憂。

Following this bleak outlook, analysts polled by Bloomberg were anticipating a net loss of $0.16 per share on revenue of about $181 million.

在這種荒涼的前景之後，彭博社進行了調查的分析師預計，收入約為1.81億美元的淨虧損為0.16美元。

However, MARA managed to surprise everyone by reporting adjusted earnings of $1.24 per share, more than double the prior estimate of $0.61 per share. The company’s revenue also came in significantly higher than expected, increasing 37% year-over-year to $214 million, compared to the projections of $181 million.

但是，Mara通過報告調整後的每股收益1.24美元，使所有人驚訝，這是每股0.61美元的估計的兩倍以上。該公司的收入也顯著高於預期，同比增長37％，至2.14億美元，而預計為1.81億美元。

A significant portion of MARA’s revenue is derived directly from its Bitcoin holdings and price changes. In the fourth quarter, MARA mined 2,492 Bitcoins at an average cost of $52,035 per coin. Additionally, the company purchased 15,574 Bitcoins on the open market at an average cost of $98,531 per coin.

Mara收入的很大一部分直接來自其比特幣持有和價格變化。在第四季度，瑪拉（Mara）開采了2,492個比特幣，平均每枚硬幣為52,035美元。此外，該公司在公開市場上購買了15,574個比特幣，平均每枚硬幣為98,531美元。

The company’s earnings report also revealed that it is diversifying its revenue streams beyond Bitcoin mining. MARA generates revenue from two main sources:

該公司的收益報告還顯示，它正在使其收入流多樣化，而不是比特幣採礦。瑪拉從兩個主要來源產生收入：

This diversification is crucial, especially in bear markets. As we’ve highlighted before, if the price of Bitcoin drops, it can take a massive toll on MARA’s earnings due to the company’s large-scale Bitcoin holdings. This factor, in particular, makes the company’s business model inherently risky.

這種多樣化至關重要，尤其是在熊市中。正如我們之前強調的那樣，如果比特幣的價格下跌，由於該公司的大規模比特幣持有量，瑪拉的收入可能會造成巨大損失。尤其是這個因素使公司的業務模式固有風險。

As smaller and less efficient miners are typically forced out of the market, MARA’s share of global Bitcoin mining rewards increased to 5.6% in Q4, up from 4.8% in the third quarter and 4.4% in Q4 2023. While this trend is promising, it also means that MARA is heavily reliant on Bitcoin price appreciation to remain profitable.

由於通常將較小且效率較低的礦工被迫退出市場，因此Mara在全球比特幣採礦獎勵中所佔的份額增加到第四季度的5.6％，從第三季度的4.8％增加到4.8％，在第4季度2023年，這一趨勢是有希望的。這也意味著Mara非常依賴Bitcoin Price的依賴到比特幣的依賴。

To fuel its aggressive Bitcoin accumulation strategy, MARA took on substantial long-term debt in Q4. This move could pay off handsomely if Bitcoin prices rise, but it also exposes the company to significant downside risk if the cryptocurrency market experiences another prolonged downturn.

為了推動其積極的比特幣積累策略，瑪拉在第四季度承擔了大量的長期債務。如果比特幣價格上漲，此舉可能會有所回報，但如果加密貨幣市場又經歷了另一個延長的下滑，則該舉動也使公司面臨著很大的下行風險。

Moreover, February saw a steep price drop for Bitcoin, which could have implications for upcoming earnings reports from Bitcoin miners like MARA and (NASDAQ:CIVI) Civitas. This factor, in particular, makes MARA’s short-term outlook uncertain.

此外，2月的比特幣價格下降了，這可能會對瑪拉（Mara）和（納斯達克（NASDAQ：civi）civitas）等比特幣礦工的即將到來的收入報告產生影響。尤其是這個因素使Mara的短期前景不確定。

Ultimately, MARA’s business model is characterized by high risk and high reward. For investors with a high tolerance for volatility, MARA’s potential for significant gains could be attractive. However, those who prefer lower-risk investments or are sensitive to market fluctuations might be better served by exploring other investment opportunities.

最終，Mara的商業模式的特點是高風險和高獎勵。對於對波動率較高的投資者來說，瑪拉（Mara）獲得的巨大收益潛力可能會很有吸引力。但是，那些喜歡低風險投資或對市場波動敏感的人可以通過探索其他投資機會來更好地服務。