Mara Holdings（NASDAQ：MARA）的股票高达19.3％

Mara Holdings（NASDAQ：MARA）的股票（以前称为Marathon Digital Holdings）飙升多达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（纳斯达克股票代码：MARA）股份的股票在周四上午飙升了19.3％，此前第四季度的收益报告使该公司大量击败了分析师的估计，并宣布对比特币进行了大规模购买（Crypto：BTC）。到中午，该股票增长了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.

尽管这一激增，还值得注意的是，在过去的一年中，Mara降低了55％，这强调了投资者对比特币采矿股可以期望的极端波动性。

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.

正如我们之前介绍的那样，分析师降低了对Mara收入的期望。该公司面临两位分析师的三重降级，他们削减了其价格目标，并对公司的高债务水平和最近的比特币价格下跌表示担忧。

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

在这种荒凉的前景之后，彭博社进行了调查的分析师预计，收入约为1.81亿美元的净亏损为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通过报告调整后的每股收益1.24美元，使所有人惊讶，这是每股0.61美元的估计的两倍以上。该公司的收入也显着高于预期，同比增长37％，至2.14亿美元，而预计为1.81亿美元。

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来自其比特币持有和价格变化。在第四季度，玛拉（Mara）开采了2,492个比特币，平均每枚硬币为52,035美元。此外，该公司在公开市场上购买了15,574个比特币，平均每枚硬币为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:

该公司的收益报告还显示，它正在使其收入流多样化，而不是比特币采矿。玛拉从两个主要来源产生收入：

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.

这种多样化至关重要，尤其是在熊市中。正如我们之前强调的那样，如果比特币的价格下跌，由于该公司的大规模比特币持有量，玛拉的收入可能会造成巨大损失。尤其是这个因素使公司的业务模式固有风险。

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.

由于通常将较小且效率较低的矿工被迫退出市场，因此Mara在全球比特币采矿奖励中所占的份额增加到第四季度的5.6％，从第三季度的4.8％增加到4.8％，在第4季度2023年，这一趋势是有希望的。这也意味着Mara非常依赖Bitcoin Price的依赖到比特币的依赖。

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.

为了推动其积极的比特币积累策略，玛拉在第四季度承担了大量的长期债务。如果比特币价格上涨，此举可能会有所回报，但如果加密货币市场又经历了另一个延长的下滑，则该举动也使公司面临着很大的下行风险。

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月的比特币价格下降了，这可能会对玛拉（Mara）和（纳斯达克（NASDAQ：civi）civitas）等比特币矿工的即将到来的收入报告产生影响。尤其是这个因素使Mara的短期前景不确定。

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.

最终，Mara的商业模式的特点是高风险和高奖励。对于对波动率较高的投资者来说，玛拉（Mara）获得的巨大收益潜力可能会很有吸引力。但是，那些喜欢低风险投资或对市场波动敏感的人可以通过探索其他投资机会来更好地服务。