[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Cryptovicci 🌐 [@cryptovicci](/creator/twitter/cryptovicci) on x 2596 followers Created: 2025-07-26 14:22:07 UTC Why dilution concerns About $MARA are misleading The discussion around Marathon Digital’s dilution often overlooks a critical fact: the capital raised through share issuance has already been invested in building infrastructure and securing a Bitcoin reserve of around XXXXXX BTC. When reading the financial reports, many investors focus on accounting costs, such as depreciation and amortization, which make the company look less profitable than it truly is. These are non-cash expenses reflecting past investments, not current cash outflows. Treating these as ongoing costs is like “paying twice” for something that was already funded. What really matters now: 🔸 Cash cost per Bitcoin: How much real cash is spent on mining BTC? 🔸 Cash inflows and margins: Actual operational cash flow vs. accounting figures. The heavy investments are done. Today, the focus should be on cash generation and the growing value of Marathon’s BTC holdings, not historical dilution. - #miningstock #financialanalysis XXXXX engagements  **Related Topics** [accounting](/topic/accounting) [$mara](/topic/$mara) [stocks financial services](/topic/stocks-financial-services) [stocks bitcoin treasuries](/topic/stocks-bitcoin-treasuries) [bitcoin](/topic/bitcoin) [coins layer 1](/topic/coins-layer-1) [coins bitcoin ecosystem](/topic/coins-bitcoin-ecosystem) [coins pow](/topic/coins-pow) [Post Link](https://x.com/cryptovicci/status/1949113004613664961)
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Cryptovicci 🌐 @cryptovicci on x 2596 followers
Created: 2025-07-26 14:22:07 UTC
Why dilution concerns About $MARA are misleading
The discussion around Marathon Digital’s dilution often overlooks a critical fact: the capital raised through share issuance has already been invested in building infrastructure and securing a Bitcoin reserve of around XXXXXX BTC.
When reading the financial reports, many investors focus on accounting costs, such as depreciation and amortization, which make the company look less profitable than it truly is. These are non-cash expenses reflecting past investments, not current cash outflows. Treating these as ongoing costs is like “paying twice” for something that was already funded.
What really matters now: 🔸 Cash cost per Bitcoin: How much real cash is spent on mining BTC? 🔸 Cash inflows and margins: Actual operational cash flow vs. accounting figures.
The heavy investments are done. Today, the focus should be on cash generation and the growing value of Marathon’s BTC holdings, not historical dilution.
#miningstock #financialanalysis
XXXXX engagements
Related Topics accounting $mara stocks financial services stocks bitcoin treasuries bitcoin coins layer 1 coins bitcoin ecosystem coins pow