MARA is no longer just a bitcoin miner: the company is transforming itself into a hybrid player, combining energy, high-performance computing and cash in BTC. This ambitious strategy looks attractive on paper, but it is worrying the markets because of its cost, complexity and still uncertain execution.

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Aleksandar Bukovski

Aleksandar Bukovski is an analyst at The Big Whale, specializing in decentralized finance and crypto-assets.

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