Public Keys is a new weekly summary Decryption This tracks major crypto companies that are publicly traded. The term can be very broad. Crypto Exchange Coinbase, Michael Saylor’s Bitcoin Amas Strategy, Jack Dorsey’s Crypto Payments Processor Block, Inc. , and many publicly traded Crypto. Mining Company.
This week’s edition is focused Bitcoin The big fourth quarter win of the minor marathon and why it appears that analysts aren’t persuading them to upgrade their ratings. Also, Crypto Exchange Coinbase has finally been dismissed in the SEC lawsuit, with Miner Hut 8 reporting full-year revenues on Monday, earning competitor Bitfarms to complete the merger with the location.
Mara’s record revenue
Bitcoin Mining Marathon Digital, the largest publicly traded mining company with a market capitalization of $4.7 billion, recorded a record high quarterly revenue of $214 million on Wednesday.
It is worth noting that the company recently rebranded to Mara, but to stick with the marathon here, we will not confuse the company with stock tickers.
A 37% increase beyond its fourth quarter 2023 performance allowed us to beat analyst estimates. This is a notable benefit, especially considering that Bitcoin last year significantly cuts the rewards miners earned in half in half. (This is intended to help curb Bitcoin’s inflation rate and burns into the code, but it’s still a hot topic every four years as miners and traders adapt to the new normal.)
Analysts following the marathon should sing the company’s praises, as they are trading on the Nasdaq under the Marlaticker, right? Well, that’s not exactly the case.
It’s becoming increasingly difficult to maintain costs Bitcoin It was mined. Currently, the current block reward is 3.125 bitcoin, and miners are trying to eliminate the edge by deploying more mining rigs and finding ways to reduce energy costs.
Marathon has been working on the issue with the aim of becoming a “vertical integrated energy and technology solutions provider.” According to CEO Fred Thiel, in 2024, we were able to triple our energy capacity from 0.5 to 1.7 gigawatts.
But like many of its competitors, marathon revenues are also heavily dependent on Bitcoin’s price. This is something that is well known to be “inherently unpredictable.”
For example, the marathon increased its own BTC Treasury value in the fourth quarter by $443 million. But that’s both ways. Recently, Bitcoin has fallen below $80,000 in the market.
Research firm Bernstein has not been embarrassed to sing Bitcoin Miner praises in the past. But there was more to talk about the little rivals in the marathon, such as Clean Spark and the Riot Platform, than the Florida-based company.
Coinbase Sec lawsuit has been dismissed
This time last week, the Securities and Exchange Commission agreed in principle Dismissing lawsuits against crypto exchanges Coinbase. As a result, Coinbase, which is trading on the Nasdaq under Cointicker, has closed for weeks that exceeds $235.
By the time regulators became official this week, there was little to be the impact the news had on the company’s stock price. Coinbase shares closed yesterday at around $208.37.
Onlookers quickly pointed out that the company and its executives dumped tens of millions of people into political donations.
Meanwhile, current market defeats have brought a surprising amount of exchanges. According to Coingecko data, in the past day alone, Coinbase saw 65% of its volume spikes.
What to watch: HUT 8 revenue and Bit Farm merger
Hat 8, trading on the Nasdaq under the hat ticker, will report full year results for 2024 on Monday, March 3rd. This is a presentation about what the company did last year, but analysts will be listening to the latest updates on the Vega project.
With the January performance update, HUT 8 CEO Asher Genoot should be ready for “energy” in the second quarter of this year, with the project “includes contracts with ~15 Eh/s colocation agreements.” The company is also investing in AI data center development.
Bitmain is a privately owned Chinese manufacturer of Crypto Mining Hardware, especially ASICs or application-specific integrated circuits. As of 2024, Bitmain manages around 80% of the global market for Bitcoin mining hardware, according to Luxembourg-based Crypto Exchange Bitstamp.
Meanwhile, BitFarms, which trades on NASDAQ under the BITF ticker, has won shareholder approval for a merger with a competitor’s location. This is the same as the Bitcoin Miner, which fought against hostile buyback bids from Riot Platforms just a few months ago.
