Pro Bitcoin MicroStrategy & MARA Show Support Amid BTC Dip

MicroStrategy was the best-performing stock in the year’s first half because its shares rose by 380%, mainly because of the $13.3 billion worth of Bitcoin in its treasury. Although the cryptocurrency market has been going through a bearish phase, this has not affected the company negatively due to its strategy of accumulating Bitcoin, which has greatly helped the company improve its market standing and increase investors’ confidence.

Thus, Bitcoin is the leader in capitalization, but it is worth mentioning that it has a highly volatile price. Despite the overall market facing some decline, MicroStrategy stock proved relatively resistant because the company bought Bitcoins at the average cost of $35,158 per token. CEO Michael Saylor’s positive views on Bitcoin paint a bright picture for the future of cryptocurrency. Therefore, investors believe in MicroStrategy’s long-term plan.

MARA Hits Record High Hash Rate

Other aspects that have also been experiencing significant changes include Marathon Digital Holdings’ operational strategies and results. In June 2024, the company gained a new historical high of the hash rate of 28. 3 EH/s, which shows signs of increased mining efficiency. This was backed by the addition of 13,000 new miners, increasing its fleet size to around 250,000 units with a hash rate of 31. 5 EH/s.

MARA operational enhancements, especially at the Ellendale facility, have seen the average operational hash rate per mine rise to 26 from the previous 13. The Bitcoin network’s mining hash rate was three exahash year-over-year in June. However, MARA’s Bitcoin production has decreased by 40% YoY; the company mined 590 BTC monthly. This can be attributed to the difficulties in expanding production when market conditions are not constant.

Fred Thiel, the Chairman and CEO of MARA, emphasized the operations and plans to increase mining efficiency. His management remains at the helm of the company’s direction in the unrelenting crypto-mining environment while nurturing the company’s growth in an era of uncertainty.

As of now, Bitcoin is in a bear market. It has faced a 24-hour price depreciation of 5. 23% and is trading at $57,283. 63. After this, the bearish Trent BTC 24-hour volume has increased by 41. This shows that the bullish sentiment may emerge in the market within the next few hours, as the percentage is 45%.

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Also Read: Bitcoin Spot ETFs Bleed as BTC falls to $57K

Harsh Chauhan

Harsh Chauhan is an experienced crypto journalist and editor at CryptoNewsZ. He was formerly an editor at various industries and has written extensively about Crypto, Blockchain, Web3, NFT and AI. Harsh holds a Bachelor of Business Administration degree with a focus on Marketing and a certification from the Blockchain Foundation Program. Through his writings, he hold the pulse of rapidly evolving crypto landscape, delivering timely updates and thought-provoking analysis. His commitment to providing value to readers is evident in every piece of content produced.

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