{"id":19890,"date":"2024-05-07T18:00:57","date_gmt":"2024-05-07T18:00:57","guid":{"rendered":"https:\/\/coinengineer.io\/?p=19890"},"modified":"2024-05-07T16:20:07","modified_gmt":"2024-05-07T16:20:07","slug":"bitcoin-mining-giant-gets-major-boost-stock-soars","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bitcoin-mining-giant-gets-major-boost-stock-soars\/","title":{"rendered":"Bitcoin Mining Giant Gets Major Boost: Stock Soars!"},"content":{"rendered":"<p>Marathon Digital, the world&#8217;s largest Bitcoin (BTC) miner by market capitalization, saw its shares surge 18% after the approval of its inclusion in the S&amp;P SmallCap 600 index fund.<\/p>\n<p>S&amp;P Dow Jones Indices said after the close of trading on Friday, May 3, that Marathon will replace heating and ventilation equipment maker Aaon in the index on May 8. The S&amp;P SmallCap 600 tracks 600 U.S. companies with market capitalizations between $1 billion and $6.7 billion that have reported profits in both the most recent quarter and the past four quarters.<\/p>\n<p>According to Google Finance, <a href=\"https:\/\/coinengineer.net\/blog\/bitcoin-hash-rate-surpasses-1eh-s-for-the-first-time-ever-in-history\/\">Marathon Digital<\/a> (MARA) shares jumped about 18% to $20.67 on Monday, May 6.<\/p>\n<p>The stock price is up 25.2% since Bitcoin&#8217;s halving. However, MARA is down 9.86% year-to-date and hit its 2024 high of $31.03 on February 28. Marathon is likely to be one of the more heavily weighted stocks in the index, given its $5.6 billion market cap and the S&amp;P SmallCap 600&#8217;s use of a float-adjusted market capitalization weighting methodology.<\/p>\n<p>The addition of Marathon to the index comes at a time when the company is scheduled to report its first-quarter earnings on May 9, with investment research firm Zacks expecting revenue to soar 280% year-over-year to $193.9 million and earnings per share of $0.02 &#8211; a 166.7% increase year-over-year. Shares of Marathon&#8217;s rival Bitcoin mining companies also performed well on May 6, with CleanSpark (CLSK) and TeraWulf (WULF) up about 8% and 10.7%, respectively.<\/p>\n<p>The rally in Bitcoin mining stocks comes at a time when miner revenue has been hit by the halving. However, transaction fees have since started to rise, according to mempool.space data, and are currently trading between 0.2 BTC and 1 BTC for block 842,350.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Marathon Digital, the world&#8217;s largest Bitcoin (BTC) miner by market capitalization, saw its shares surge 18% after the approval of its inclusion in the S&amp;P SmallCap 600 index fund. S&amp;P Dow Jones Indices said after the close of trading on Friday, May 3, that Marathon will replace heating and ventilation equipment maker Aaon in the<\/p>\n","protected":false},"author":1,"featured_media":17978,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[61,3258,501,3880,144,5927,5928],"class_list":["post-19890","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy-news","tag-bitcoin","tag-halving","tag-investment","tag-marathon-digital","tag-mining","tag-sp-smallcap-600","tag-stock-price"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Mining Giant Gets Major Boost: Stock Soars! - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Marathon Digital, saw its shares surge 18% after the approval of its inclusion in the S&amp;P SmallCap 600 index fund.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-mining-giant-gets-major-boost-stock-soars\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Mining Giant Gets Major Boost: Stock Soars! 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