Mara Holdings（NASDAQ：MARA）在井喷第4季度收入飙升19.3％

Mara Holdings（NASDAQ：MARA）的股票（正式称为马拉松数字控股）经验丰富的令人惊叹的增长幅度高达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（以前称为Marathon Digital（NASDAQ :) Holdings，在周四早上的交易中的股份高达19.3％。该公司令人惊叹的第四季度收益报告吹过去华尔街的期望，最初使股票飙升。

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，尽管最初购买了疯狂，但玛拉的股票在中午之前以9.2％的收益降低，强调了比特币（BTC/USD）采矿业的持续波动。

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?

即使表现出色，也值得注意的是，在过去的一年中，玛拉仍然下跌了55％。这种鲜明的统计数据强调了对比特币采矿股进行投资的核心：从长远来看，它们可以生存吗？

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.

为了回答这个问题，我们需要更深入地研究Mara的收入报告以及2025年这样的公司带来的独特风险和机会。

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

玛拉（Mara）Q4收益：分析师为烦恼做出的惊人节奏

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.

正如我们在上一篇文章中讨论的那样，分析师对玛拉的收入感到悲观，预计净亏损为每股0.16美元的收入约1.81亿美元。

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

考虑到比特币采矿的不可预测性质，许多分析师认为该公司的收入最终会使投资者失望。

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，在一个令人惊讶的事件转变中，玛拉设法彻底绕过了这些期望，报告了超过预测的收入。这是关键要点的摘要：

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.

该公司的比特币采矿业务以及在公开市场上对比特币的战略购买，这一意外的收入增长和盈利能力主要是为了推动。

How MARA’s Bitcoin Strategy Paid Off In Q4

玛拉的比特币战略如何在第四季度获得回报

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年期间，玛拉（Mara）开采了2,492个比特币（BTC），平均每枚硬币为52,035美元。这种采矿效率使公司可以从比特币的价格变动中受益，同时保持相对稳定的运营成本。

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.

但是玛拉不仅做了我的事情。它在公开市场上累积了15,574 BTC，平均每枚硬币98,531美元，使其成为最大的机构比特币持有人之一。

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.

最终，该策略将Mara的财务业绩与加密货币的价格趋势联系起来。尽管这种方法可以在牛市期间带来巨大的利润，但如果比特币价格下降，则该公司也将遭受巨大的损失。

Beyond Bitcoin Mining: MARA’s Diversified Revenue Streams

超越比特币采矿：玛拉的多元化收入流

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.

与仅依靠采矿的许多竞争对手不同，Mara将其业务模式多样化，包括能源生产和计算服务，创造了更多的收入来源。

1. Bitcoin Mining: The Core Business

1。比特币采矿：核心业务

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

马拉（Mara）的核心仍然是一家比特币矿业公司。它通过：

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

虽然采矿仍然是该公司的主要收入推动力，但Mara已采取了战略措施，以减少其对比特币价格波动的依赖。

2. Energy Production and Data Center Services

2。能源生产和数据中心服务

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:

与许多竞争对手不同，玛拉（Mara）在能源发电方面进行了大量投资，收购了136兆瓦（MW）的风电场和水力发电设施。此举提供了多个优势：

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已扩展到高性能计算（HPC）服务，利用其数据中心为人工智能（AI），机器学习和基于云的服务提供计算能力。与传统采矿公司相比，这种多元化使Mara不容易受到比特币价格波动的影响。

The Bitcoin Halving: A Double-Edged Sword For MARA

比特币减半：玛拉的双刃剑

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.

最近的比特币减半活动将每个街区的采矿奖励从6.25 BTC降低到3.125 BTC，这既给Mara提出了机会又是挑战。

Impact On MARA’S Mining Operations

对玛拉采矿业务的影响

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.

玛拉已经开始利用减半，将全球比特币矿业奖励的份额增加到第4季度2024年。考虑到这一点，在第三季度的份额为4.8％，在第4季度2023年为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，如果比特币价格没有大幅上涨，那么玛拉的盈利能力可能会受到打击。凭借较低的块奖励和潜在的更高的能源成本，该公司将需要密切关注其采矿费用以保持黑色。

The Risk Factor: High Debt And Market Uncertainty

风险因素：高债务和市场不确定性

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

为了资助其积极的比特币积累策略，玛拉在2024年第四季度承担了大量的长期债务，这一举动带来了重大风险。

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.

随着2025年2月的不断增长，比特币价格继续波动，所有人的目光都将介绍Mara的下一份收益报告。该报告将是面对市场波动时对公司的韧性的关键测试。

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

对于容忍风险的投资者，玛拉（Mara）提出了高风险的高风险