Exploring the Rising Stars of Cryptocurrency: Marathon Digital and Riot Platforms
Zacks Thematic Screens offers insight into 30 vibrant investment themes that are influencing the future. Whether your focus is on advanced technology, sustainable energy, or healthcare breakthroughs, these themes guide your investments in meaningful areas.
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Understanding Cryptocurrency and Blockchain
Cryptocurrency refers to secure digital currencies that function on decentralized blockchain networks, which transparently record transactions through a distributed ledger. This system provides notable resistance against government control. Each “block” in the blockchain is linked in chronological order, creating a secure “chain.”
Besides its use in currency, blockchain technology has a variety of applications, including supply chain management, healthcare, finance, and voting systems. Companies in this sector range from those building blockchain infrastructure to crypto mining operations.
Marathon Digital: A Key Player
Marathon Digital is a publicly held company that focuses on mining Bitcoin and other cryptocurrencies. It stands out as one of North America’s largest Bitcoin miners and a significant holder of Bitcoin among publicly traded companies.
Over the past three months, Marathon Digital shares have surged almost 90%, showcasing a strong performance. This is particularly encouraging for investors since the stock has experienced a 40% downturn over the past three years.
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As of the close of Q3 2024, Marathon Digital reported holding 26,747 Bitcoin, a significant increase from 15,174 during the same period last year. The company mined 2,070 BTC and added 6,210 BTC through purchases in that time frame.
Riot Platforms: Innovating in Blockchain
Riot Blockchain operates in the blockchain space, concentrating on Bitcoin mining and supporting digital infrastructure. The company conducts its mining operations in Texas and Kentucky.
Riot’s shares similarly enjoyed a remarkable increase, rising over 90% in the last three months, paralleling Marathon’s success.
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Riot Platforms recently announced its quarterly results, reporting the production of 1,104 BTC during the period. The company finished the quarter with 10,427 BTC, all generated through its own mining efforts.
Final Thoughts
Zacks Thematic Screens provides a unique opportunity to explore investment themes like Cryptocurrency and Blockchain Technology. The analysis included stocks such as Marathon Digital (MARA) and Riot Platforms (RIOT), showcasing their potential.
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Marathon Digital Holdings, Inc. (MARA): Free Stock Analysis Report
Riot Platforms, Inc. (RIOT): Free Stock Analysis Report
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
