MARA Holdings, Inc.

2. Energy Optimization and Data Center Operations: The company transforms clean, stranded, or underutilized energy into economic value by optimizing energy usage. Although this part of the business does not directly generate cryptocurrency, it indirectly enhances the profitability of mining operations by reducing mining costs. MARA is committed to using sustainable energy for mining to reduce environmental impact.
3. Strategic Bitcoin Holding (HODL) Strategy: MARA adopts a "HODL" strategy, meaning that after mining Bitcoin, it does not sell immediately but holds it for the long term, aiming to benefit from the appreciation brought by the increase in Bitcoin prices. This strategy allows it to profit from the long-term value growth of Bitcoin.
4. Bitcoin Yield Strategy: MARA will also lend part of its Bitcoin holdings to third parties (such as investing in Two Prime) to earn additional income. This is an institutional-level "Bitcoin wealth management" model aimed at improving the utilization efficiency of its Bitcoin assets.

1. Mining Income: Mainly derived from the block rewards and transaction fees obtained from successfully mining Bitcoin. An increase in Bitcoin prices and improvements in mining efficiency will directly boost this income.
2. Appreciation of Bitcoin Assets: By holding mined Bitcoin for the long term, when the market price of Bitcoin rises, the value of the held Bitcoin assets increases accordingly, thus realizing capital gains. This is an important potential source of profit.
3. Bitcoin Lending Income: Lend a portion of Bitcoin reserves to other institutions to earn interest income, further diversifying its profit channels.

Direct source of income: Bitcoin mining is the cash flow foundation of the company's operations, providing a continuous revenue stream. • Asset value growth: The "holding coins" strategy allows it to fully leverage the long-term appreciation potential of Bitcoin, converting mining earnings into more valuable assets. • Risk diversification and income diversification: By using methods such as Bitcoin lending, additional sources of income can be increased while maintaining the amount of Bitcoin held, thereby diversifying the risk of relying solely on mining income to some extent. • Cost control and sustainable development: Energy optimization and efficient data center operations help reduce mining costs, increase profit margins, and align with sustainable development trends, attracting more investors focused on ESG.

Mainly affected cryptocurrency: Bitcoin ( BTC ). MARA's business is almost entirely centered around Bitcoin, and its mining output, holdings, and profitability are closely related to the price fluctuations and mining difficulty of Bitcoin. •Influence method: •Hashrate Contribution: As a large Bitcoin mining company, MARA's hashrate contribution is an important part of the overall hashrate of the Bitcoin network. Changes in its hashrate will affect the mining difficulty of the Bitcoin network, thereby impacting the mining efficiency of all miners and the security of the Bitcoin network. • Market sentiment and confidence: As a publicly listed mining company, MARA's financial reports, Bitcoin holdings, mining output, and other operational data will directly affect the market's confidence in the Bitcoin mining industry, which may in turn influence the investment sentiment of the entire cryptocurrency market, especially the price trend of Bitcoin. • Bitcoin Supply: MARA's "hoarding" strategy means that the Bitcoin it mines will not immediately enter the market circulation, which reduces the supply of Bitcoin in the market to some extent and may provide support for the price in the long term.