Buy Low Bitcoin Play: Marathon Digital's Waning Production Set For Major Reversal

Since the crackdown on mining in China last year, the focus among miners has somewhat shifted from procuring equipment contracts to acquiring reliable, ESG friendly power sources.In Texas, Compute North, one of Marathon Digital's hosting partners, is building out infrastructure to house and connect 100,000 of the company's S19 miners from Bitmain.Assuming rapid growth to 400 EH/s for the total network by this time next year, Marathon's projected 23 EH/s would represent a 5.8% share of Bitcoin's total network hash rate.Adjusted EBITDA was over $39 million in Q1 and represents $31,000 per coin the company added to custody. Adjusted cash cost per coin was about $10,000.