With Bitcoin showing signs of life, investors may want to consider mining stocks, like Marathon Digital Holdings (MARA). In fact, if Bitcoin can continue to recover, MARA is likely to follow.
Even better, after finding strong double bottom support, MARA is trying to push higher. From a current price of $14.16, we’d like to see it again challenge prior resistance around $18.88 initially. From here’s we’d like to see it run back above $20 a share.
Plus, the company is still growing nicely.
“In August, we continued to install and energize miners with our hosting providers, increasing our hash rate and steadily improving our bitcoin production,” said Fred Thiel, Marathon’s chairman and CEO. “During the month, approximately 25,000 of our previously installed miners were successfully energized, increasing our hash rate back to approximately 3.2 exa-hashes per second with our operating mining fleet consisting of approximately 34,000 miners as of August 31. As a result, we produced 184 BTC in August.”
Again, if Bitcoin has finally turned a corner, we believe MARA can, too.