The world’s largest Bitcoin mining company is set to geographically diversify business, leading to a gradual decrease in production costs.
Shares of Bitcoin (BTC) mining company Marathon Digital (MARA) rallied 11.6% on Nasdaq on Nov. 15. The investors appear to be optimistic about the company’s future after the Las Vegas-headquartered company unveiled new plans for global expansion.
As noted by analysts at BNK Invest, MARA shares crossed 200-day moving average, an indicator which shows the trend of a stock over a long duration. On a year-to-date scale, MARA shares surged a whopping 201%, according to data from TradingView.
The surge comes as the company announced new plans for global expansion, geographically diversifying its mining capabilities in a bid to gradually decrease production costs.
As crypto.news earlier reported, Marathon is set to shift its focus from U.S.-based hosted facilities, plagued by high costs and energization delays, to more global partnerships.
As part of the new strategy, Marathon plans to deploy new facilities in Abu Dhabi and Paraguay to increase the company’s capacity by 30% in 2024.
In early November 2023, Marathon unveiled in its latest earnings report that its revenue in Q3 2023 soar to $97.8 million, mainly driven by an increase in Bitcoin production and higher crypto prices. Marathon CEO Fred Thiel emphasized that the company has taken “proactive measures” to strengthen its financial position during the quarter in preparation for next year’s Bitcoin halving.