Bitcoin miner MarathonDH won't reach its hashrate target of 23 EH/s by mid-2023, Jefferies said, while downgrading the miner's rating and price target. Reports egreechee.
Investment bank Jefferies downgraded its rating for bitcoin miner Marathon Digital Holdings to"hold" from"buy" due to construction delays.
"Worsened mining economics and a lack of transparency around the execution risks for MARA's hosting partners keep us on the sidelines for now," Jonathan Petersen and Amanda Santillo wrote in a note to investors published on Sunday. The bank also lowered its price target to $4 from $12.5. Marathon operates an asset-light model; it only owns the mining machines and relies on counterparties to host them in purpose-built infrastructure. But its counterparties have faced significant construction delays, meaning Marathon's investment won't be generating revenue for a while.
Jefferies expects all of Marathon's ordered machines, which total 23 exahash/second of computing power, to be running at the end of 2023, instead of the company's projected mid-year.
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