Bitcoin Halving Cycle - Bitcoin historically bottoms in early August following halving events [1] - Post-halving years (2013, 2017, 2021, 2025) are significant in Bitcoin's price cycle [1] Market Outlook - The bottom of the current market cycle is approaching [1]

Company Rating - Compass Point 投资公司重申对 MARA 的“中性”评级 [1] Strategy Assessment - 该公司专注于为比特币下一次减半做准备，但依赖于未经证实的策略 [1] - 投资者可能难以立即评估这些策略 [1]

Bitcoin Halving Event - Bitcoin's next halving event is approximately 32% complete [1] - The halving is expected to occur at block 1,050,000 [1] - There are 142,749 blocks remaining until the halving [1] - Approximately 991 days remain until the halving [1] Current Status - The current block is 907,251 [1]

Market Analysis & Trends - Bitcoin's having occurs approximately every four years, influencing market cycles [1][2] - Having cycles 1 and 3 saw no price drops below the having day price, while cycles 2 and 4 experienced drawdowns of about 15-20% [3][4] - Bitcoin is currently around day 439 of the cycle, suggesting the bare market may begin in approximately 100 days, based on the last two cycles [6] ROI & Diminishing Returns - Diminishing returns have been observed in each Bitcoin cycle [8][11] - In previous cycles, ROI decreased: Cycle 1 (92x), Cycle 2 (30x), Cycle 3 (8x); current cycle is below 2x [14] - At a similar point in previous cycles, Bitcoin's price increase from the having was approximately 4x in the second to last cycle and 550% in the cycle before that [11] Investment Considerations - Strategic reserves and ETFs exist, but a larger market cap requires exponentially more volume to move the price [11] - Tempering expectations is advised, as diminishing returns may continue despite new market factors [12]

Next ₿itcoin Halving Progress▓▓▓▓▓░░░░░░░░░░░░░░░░ 31%Loading…Please HODLCurrent Block: 905,095Halving Block: 1,050,000Blocks Remaining: 144,905Days Remaining: 1,006 days ...

BITCOIN TYPICALLY PEAKS 18 MONTHS AFTER EACH HALVING.WILL HISTORY REPEAT ITSELF?Historically, Bitcoin reaches its cycle peak around 18 months after each halving.If this pattern holds, the next peak could occur in September, aligning with a potential Fed rate cut.But what makes this cycle different?➡️ It's institutionally driven➡️ Exhibits less volatility➡️ Shows a slower, more stable price climbUnlike past cycles, we may be in a longer, more sustained bull run.A Fed rate cut could further fuel this momentum ...

Core Insights - MARA Holdings experienced a 16.3% increase in share price in April 2025, driven by rising Bitcoin prices which enhanced the value of its assets [1] - The company's Bitcoin holdings grew from 47,531 to 48,237 coins within a month, with a dollar value increase from $3.91 billion to $4.55 billion, marking a 16.1% rise [2] - MARA has significantly expanded its mining capacity, doubling electric power service from 50 to 100 megawatts at its Ohio data center and installing 12,000 mining machines, resulting in a 5.5% increase in active mining capacity [3] Industry Context - The Bitcoin mining sector is facing increased competition and higher calculation difficulty, which has led to a slight decrease in Bitcoin production for MARA in April 2025 compared to the previous year [5] - The recent halving event in April 2024 has halved mining rewards, impacting MARA's coin production and necessitating greater effort to maintain output levels [6] - As a major Bitcoin holder and leading mining operation, MARA is positioned to gain market share as smaller competitors may be forced to exit the market due to these challenges [6]