Bitcoin at $103K hurtles MARA stack toward $5B, holdings triple

MARA Holdings increased its Bitcoin holdings by 175% year-over-year, reaching 47,531 BTC worth approximately $4.9 billion. This makes MARA the second-largest public holder of Bitcoin, trailing only MicroStrategy. However, MARA's Bitcoin production decreased by 19% in Q1, attributed to the Bitcoin halving event reducing mining rewards. The company also slightly missed Wall Street revenue estimates by 0.35%, though its stock initially saw a jump before a slight pullback. Other Bitcoin mining firms like Riot Platforms, CleanSpark, and Core Scientific also faced challenges and missed revenue expectations. Riot Platforms reported a significant increase in the average cost to mine Bitcoin. Hut8 experienced the largest revenue shortfall among mining firms, missing estimates by 35%. These firms are facing difficulties due to the halving and increased mining costs. The article emphasizes that this information is not investment advice, and readers should conduct their own research.