3M Co
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Company profile

3M Co is a technology company. The Company operates through four segments: Safety and Industrial, Transportation and Electronics, Health Care and Consumer. Safety and Industrial segment consist of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules. Transportation and Electronics segment consists of electronics, including display materials and systems, electronic materials solutions, automotive and aerospace, commercial solutions, advanced materials, and transportation safety. Health Care segment’s products and services include medical and surgical supplies, skin health and infection prevention products, oral care solutions, separation and purification sciences, health information systems and food safety products. Consumer segment serves consumers and consists of home improvement, stationery and office supplies, home care and consumer health care.

Closing Price
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-3.70 (-2.07%)
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Bitcoin's record rise near $36,000 mints another $1 billion 'mining' company

12:38 pm ET January 6, 2021 (MarketWatch)

By Mark DeCambre

Shares of cryptocurrency miner Marathon Patent Group Inc. shot up around 20% on Wednesday, helping to make the company the most recent member of the $1 billion digital-mining group, as bitcoin hit a fresh record near $36,000.

According to FactSet data, the market value of Marathon Patent (MARA) was at $1.030 billion, after its shares gained a fifth in value contributing to a $165 million gain in market capitalization from yesterday's rise.

Marathon has gained more than 55% so far in January and Wednesday's rally puts it in league with rival mining company Riot Blockchain (RIOT), which boasts a market value of $1.3 billion (https://www.marketwatch.com/story/as-bitcoin-surges-to-records-riot-blockchain-stock-is-up-nearly-1-500-in-2020-11609351039), having entered the billion-dollar club last month.

Check out: Here's how bitcoin could soon be worth $146,000 according to JPMorgan (https://www.marketwatch.com/story/heres-how-bitcoin-could-soon-be-worth-146-000-says-jpmorgan-11609869356)

Digital mining refers to the use of high-powered computers to generate new units of the cryptocurrency, by solving complex problems that have become harder over the years by virtue of how bitcoins were originally encoded.

Bitcoin "mining" expends a tremendous amount of electricity and now requires specialized hardware.

And miners like Marathon and Riot Blockchain, play a key role in maintaining bitcoin's self-sustaining network, running the decentralized software that verifies transactions.

The gains in those companies have come as bitcoin staged a stratospheric rise in the past several months, closing out 2020 up about 300% and kicking off 2021 with a rise of over 20% so far.

At last check, a single bitcoin was valued at $34,758, up nearly 2% on the day, but off its intrasession peak at $35,879, FactSet data show.

Higher prices for bitcoins can justify the high cost of mining for new coins, however. Currently the daily profit from one bitcoin miner is $10.06, according to mining-calculator site BTC.com (https://btc.com/tools/mining-calculator), supported by recent gains in prices.

Last year, Marathon Patent shares surged Marathon Patent over 1,000%, as it attempted to grow its mining enterprise (https://www.coindesk.com/marathon-patent-agrees-to-buy-70k-asic-miners-from-bitmain-for-170m).

To be sure, these companies are a risky investment, experts warn, particularly if the price of the virtual asset falls, but the surge in shares of these companies reflect the newfound fervor around bitcoin and its ilk.

Bitcoin's gains are drawing investments away from gold (ABX.T), experts say, as a runup in the Dow Jones Industrial Average and the S&P 500 index has market participants worried about lofty valuations in equities against the backdrop of interest rates at or around 0%.

-Mark DeCambre; 415-439-6400; AskNewswires@dowjones.com


(END) Dow Jones Newswires

January 06, 2021 12:38 ET (17:38 GMT)

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