Monat: März 2023

Marathon Digital Q4 Revenue Drops 58%, Bitcoin Production Up 42%

• Marathon Digital Holdings reported a 58% year-on-year decrease in revenue for the fourth quarter of 2022 to $28.4 million.
• The company’s annual production increased 30% to 4,144 in 2022.
• Marathon terminated its credit facilities with Silvergate Bank, releasing 3,132 Bitcoin held as collateral valued at over $68 million at the time.

Marathon Digital Holdings Reports Fourth Quarter Results

Marathon Digital Holdings announced that its revenue for the fourth quarter of 2022 fell 58% year on year to $28.4 million. Annual production increased by 30% to 4,144 in 2022.

Impairment Charge Impacts Results

The results were impacted by a $332.9 million fourth-quarter impairment charge related to the carrying value of mining rigs and advance payments to vendors, in addition to the decline of $317.6 million in the carrying value of its digital assets. This resulted in a full-year net loss for Marathon of $686.7 million compared to a loss of only $37.1 million during 2021.

Stock Drops Following News

Following news of the results being released, Marathon shares declined 0.13%, trading at around 7 dollars per share at press time according to Yahoo Finance data.

Credit Facilities with Silvergate Terminated

In February 2023, Marathon terminated its credit facilities with Silvergate Bank which resulted in the release of 3,132 bitcoin that were previously held as collateral and was valued at over $68M at the time which would result in a reduction of debt by 50M and an annual borrowing cost reduction by 5M for Marathon Digital Holdings according to their statement released last month when news broke about Silvergate’s closure operations spread out on 8th March this year .

Conclusion

These results reflect a significant drop from previous records set by Marathons Digital Holdings However due To termination Of credit facility With silver gate bank freeing up 3132 bitcoins ,the company is looking forward towards alternative banking relationships as stated by CEO Fred Thiel last month .

Internet Computer ICP Bears Close In – Pivot Signs Emerge – Is Your Portfolio Green?

• The Internet Computer’s native cryptocurrency ICP is currently trading at a 40% discount from February highs.
• There are signs of a potential pivot in the works and ICP is now approaching an important support level.
• Recent development data reveals that Internet Computer has the highest development activity out of the top decentralized networks.

Internet Computer’s Native Crypto Discounted

The Internet Computer’s native cryptocurrency ICP has seen a significant discount since its February peak, now trading at roughly 40% below its former high. Despite this, there are signs of potential positive price action as ICP approaches an important support level.

Signs of Potential Pivot

ICP traders have observed multiple metrics which may point to the next major move. For example, its price volatility metric remains high and its social dominance metric registered its largest 4-week spike during Tuesday’s trading session, indicating that the token is still receiving decent levels of attention from investors. Additionally, the Money Flow indicator has now pivoted, confirming some accumulation within the current support range ($5 – $5.20).

Development Lead for Internet Computer

Recent development data reveals that the Internet Computer had the highest development activity out of all top decentralized networks according to ProofOfGitHub data. This could indicate incentives for bullish sentiment among investors and could contribute to future growth in price if these developments are successful.

Sentiment Remains Bearish

Despite all this positive news surrounding ICP, sentiment remains bearish due to lack of conversion to buying pressure among investors. This could be an opportunity for those who believe in ICP’s long-term potential as there may be room for growth once investor confidence returns to normal levels and buying pressure increases again.

ICP: A Token To Watch?

Given all these factors – discounted price, signs of a potential pivot, strong development lead and bearish sentiment – it appears that ICP may be one token worth watching closely in upcoming weeks and months ahead as it could provide good investment opportunities in time.

Optimism’s [OP] Hard Fork: Development Activity Surges to New High

• Optimism (OP) recently shared an update about their upcoming hard fork in March.
• The protocol also announced a slew of other upgrades, such as the idea of a ‚Superchain‘.
• Despite this, OP holders failed to respond positively and the token dropped 5.55% in 24-hours.

Optimism’s Upcoming Hard Fork

Optimism [OP] recently shared an update about their upcoming hard fork in March. The tweet was optimistic that there will be no downtime for users and network nodes would have to be updated in advance.

Sea Of Changes Awaiting Optimism Ecosystem

The protocol also added that the Optimism Goerli hard fork was meant to fix inconsistencies in API for receipts in system transactions. Santiment reported a surge in development activity on the platform, which suggested that key technical upgrades could be delivered on time. The network also announced ideas such as a ‘Superchain’ – a cohesive and interoperable system unifying multiple layer-2 solutions into one.

OP’s Bullish Idea Still Has Weight

Despite these developments, OP holders failed to respond positively and the token dropped 5.55% in 24-hours at the time of writing this article. However, Santiment suggested that most holders would book profits if they sold their holdings at prevailing prices – indicating bullish sentiment from long term investors on the platform. The daily transaction volume tripled over 10 days and lent further credence to this deduction.

OP’s Open Interest (OI) Moves Sideways

After a sharp move upwards on 10 February, Optimism’s open interest (OI) spiked briefly last week but then matched price movement and moved sideways since then.

What Are 1,10 & 100 OPs Worth Today?

Unfortunately, due to bearish sentiment from OP holders, it is difficult to determine how much 1, 10 or 100 OPs are worth today with any degree of accuracy – investors should use discretion before making any decisions regarding buying/selling OP tokens.