MARA Holdings (NASDAQ: MARA), formerly Marathon Digital Holdings, is one of the publicly traded companies investors consider when seeking exposure to Bitcoin mining. However, MARA is not the only option. Riot Platforms (NASDAQ: RIOT), CleanSpark (NASDAQ: CLSK), TeraWulf (NASDAQ: WULF), Bitfarms (NASDAQ: BITF), and Hut 8 (NASDAQ: HUT) offer different combinations of mining capacity, energy strategies, financial resources, and digital infrastructure opportunities.
MARA is most relevant to investors evaluating large-scale Bitcoin mining and corporate Bitcoin exposure. RIOT offers another mining-focused business with infrastructure and energy considerations, while CLSK emphasizes mining scale and operational efficiency. WULF and HUT also provide exposure to the growing demand for AI and high-performance computing infrastructure. BITF offers a further alternative for investors comparing mining operations and capital allocation. Which stock is preferable depends on valuation, operating costs, balance-sheet strength, future capital requirements, and the investor’s outlook for Bitcoin.
This comparison explains how these companies differ, which metrics matter most, how Bitcoin prices influence their performance, and what investors should examine before making an investment decision. Company fundamentals and financial figures should always be checked against the latest official filings because the cryptocurrency mining industry changes rapidly.
MARA vs. Other Crypto Stocks: Quick Comparison
The main difference between MARA and other crypto mining stocks is not simply how much Bitcoin each company mines. Investors also need to consider mining efficiency, electricity costs, Bitcoin holdings, financing requirements, and whether a company can generate additional revenue from computing infrastructure.
| Company | Ticker | Main investment consideration |
|---|---|---|
| MARA Holdings | MARA | Large-scale Bitcoin mining, Bitcoin holdings, and infrastructure expansion |
| Riot Platforms | RIOT | Bitcoin mining capacity, power infrastructure, and operational economics |
| CleanSpark | CLSK | Mining scale, fleet efficiency, and infrastructure development |
| TeraWulf | WULF | Mining operations and high-performance computing opportunities |
| Bitfarms | BITF | Mining efficiency, geographic footprint, and capital allocation |
| Hut 8 | HUT | Bitcoin mining, energy infrastructure, and diversified computing services |
These are qualitative descriptions of the companies’ business models, not a ranking of their current stock valuations or expected returns. Market capitalization, production, debt, and operating capacity can change materially between reporting periods.
Which crypto stock is most attractive?
There is no universally best Bitcoin mining stock. The more appropriate choice depends on the investment thesis:
- For Bitcoin-linked operating exposure: Compare MARA, RIOT, and CLSK using mining costs, operational hashrate, Bitcoin holdings, and valuation.
- For energy and infrastructure opportunities: Examine RIOT, WULF, and HUT, paying particular attention to power availability and contracted computing revenue.
- For operational efficiency and geographic diversification: Compare CLSK and BITF using comparable fleet-efficiency, electricity, and production data.
- For a diversified computing strategy: Examine how WULF and HUT, along with MARA and other peers, are developing AI and high-performance computing businesses.
These categories overlap. A company’s strategy can change as management reallocates capital, signs infrastructure agreements, or responds to Bitcoin market conditions.
What Is MARA Stock?
MARA is the Nasdaq ticker for MARA Holdings, the company previously known as Marathon Digital Holdings. Its business has historically centered on Bitcoin mining, an energy- and capital-intensive process that uses specialized computers to participate in the Bitcoin network and earn mining rewards.
The company has also accumulated Bitcoin and pursued opportunities to expand its digital infrastructure business. Its 2025 annual filing discusses a broader strategy that includes AI and high-performance computing infrastructure. Investors should therefore assess both its established mining business and its evolving capital-allocation strategy.
How does MARA make money?
MARA’s financial performance can be influenced by several factors:
- Bitcoin mining revenue: The amount of Bitcoin mined and the market price at which that Bitcoin is valued or sold.
- Mining efficiency: The computing power generated relative to electricity consumption and equipment costs.
- Network competition: Bitcoin network hashrate and mining difficulty affect the company’s share of available mining rewards.
- Bitcoin holdings: Changes in Bitcoin’s market price can affect the reported value of the company’s holdings, subject to applicable accounting treatment.
- Infrastructure development: New facilities, energy arrangements, and potential computing services may create growth opportunities but also require capital.
Higher Bitcoin prices can improve mining economics when other factors remain constant. However, a rising Bitcoin price does not guarantee that MARA will report a profit or that its shares will appreciate.
Why is MARA stock volatile?
MARA combines exposure to Bitcoin with the financial and operational risks of a publicly traded company. Its shares may respond to changes in Bitcoin prices, mining difficulty, operating costs, quarterly results, financing decisions, and investor expectations.
The stock can also behave differently from Bitcoin itself. A mining company may underperform Bitcoin during a rally if its costs rise, its share count increases, or investors become concerned about its financial outlook.
MARA vs. RIOT, CLSK, WULF, BITF, and HUT
1. MARA Holdings (NASDAQ: MARA)
MARA is a relevant comparison point for investors seeking exposure to Bitcoin mining at scale. Its business combines mining operations, Bitcoin holdings, and investment in digital infrastructure.
Potential strengths
- Significant operating exposure to Bitcoin mining.
- Bitcoin holdings that may provide additional upside or downside as Bitcoin prices change.
- Opportunities to improve mining capacity and operating efficiency.
- Potential diversification through AI and high-performance computing infrastructure.
Key risks
- Large capital requirements for mining equipment and infrastructure.
- Exposure to electricity costs and Bitcoin network difficulty.
- Potential dilution or additional financing requirements.
- Volatility associated with Bitcoin holdings and mining revenue.
- Execution risk as the company develops additional business lines.
Investors comparing MARA with peers should examine its cost per Bitcoin mined, operating hashrate, energy expenses, Bitcoin holdings, debt, and diluted share count. They should also evaluate whether its expansion plans are likely to generate returns above the cost of the capital invested.
2. Riot Platforms (NASDAQ: RIOT)
Riot Platforms is another major publicly traded Bitcoin mining company. Its investment case centers on mining operations, power infrastructure, and the ability to scale capacity while managing costs.
Riot’s power strategy is particularly relevant because electricity is a major component of mining economics. The company’s facilities, energy agreements, and ability to manage electricity demand can influence its operating performance.
Potential strengths
- Established Bitcoin mining operations.
- Infrastructure and energy-management capabilities.
- Opportunities to expand capacity and improve efficiency.
- Potential to develop additional value from its energy and computing assets.
Key risks
- High capital expenditure requirements.
- Exposure to Bitcoin prices, mining difficulty, and electricity costs.
- Construction, permitting, and equipment-deployment risks.
- Uncertainty surrounding the profitability and timing of expansion projects.
When comparing MARA and RIOT, investors should look beyond their share prices. Compare operating hashrate, fleet efficiency, mining costs, cash and debt, Bitcoin holdings, and valuation on a consistent reporting basis.
RIOT could outperform MARA under some operating or valuation scenarios, while MARA could outperform under others. Neither outcome can be established from mining capacity alone.
3. CleanSpark (NASDAQ: CLSK)
CleanSpark focuses on Bitcoin mining and infrastructure development, with operational efficiency and scaling as important parts of its investment thesis.
In its fiscal 2025 results, published in November 2025, CleanSpark reported approximately $766.3 million in revenue for the fiscal year ended September 30, 2025, representing a 102% year-over-year increase. The company also reported exceeding 50 exahashes per second in operational hashrate during that period.
These are historical, company-reported figures, not current operating metrics. Investors should consult subsequent financial results before using them in a present-day valuation.
Potential strengths
- A substantial mining operation.
- A focus on scaling and fleet efficiency.
- Opportunities to improve production economics through infrastructure investment.
- Additional development opportunities associated with power capacity and computing infrastructure.
Key risks
- Capital requirements associated with expansion.
- Exposure to Bitcoin price and network difficulty changes.
- The risk that equipment, energy, and infrastructure costs rise faster than revenue.
- Potential financing costs and shareholder dilution.
To compare CLSK with MARA, evaluate revenue growth alongside margins, cash flow, capital expenditure, mining efficiency, and diluted earnings per share. Revenue growth by itself does not establish that a company is more profitable or offers better value.
4. TeraWulf (NASDAQ: WULF)
TeraWulf operates digital infrastructure designed to support computing workloads, including Bitcoin mining and high-performance computing. Its strategy is relevant to investors who want to evaluate both cryptocurrency mining and the economics of power-intensive data centers.
The company’s business model makes power availability, infrastructure utilization, financing, and the economics of computing contracts important factors to monitor.
Potential strengths
- Experience operating energy-intensive digital infrastructure.
- Potential opportunities from demand for high-performance computing.
- Opportunities to use infrastructure and power resources across different computing workloads.
- Potential diversification beyond dependence on Bitcoin mining alone.
Key risks
- Capital-intensive construction and expansion.
- Execution risk associated with developing and operating computing facilities.
- Dependence on contract terms, customer demand, and financing.
- Competition for suitable power capacity and data-center infrastructure.
Investors should distinguish between planned capacity, installed capacity, energized capacity, and revenue-generating capacity. A proposed AI data center is not economically equivalent to a facility already operating under a profitable customer contract.
5. Bitfarms (NASDAQ: BITF)
Bitfarms is a Bitcoin mining company whose investment case involves mining operations, infrastructure development, geographic diversification, and operational efficiency.
Its performance depends on the relationship between mining output, Bitcoin prices, network difficulty, electricity costs, and the capital required to maintain or expand its equipment.
Potential strengths
- Exposure to Bitcoin mining across its operating footprint.
- Opportunities to improve fleet efficiency and mining economics.
- Potential benefits from favorable energy arrangements.
- Options to allocate capital to infrastructure and operational improvements.
Key risks
- Sensitivity to Bitcoin price declines and rising mining difficulty.
- Electricity, equipment, and maintenance costs.
- Capital requirements for expansion or equipment replacement.
- Regulatory and energy-market differences across operating jurisdictions.
For a meaningful comparison with MARA, investors should examine Bitfarms’ energy costs, fleet efficiency, operational hashrate, Bitcoin production, cash flow, and financing requirements. Claims about renewable energy usage should be supported by company disclosures that specify the reporting period and measurement method.
6. Hut 8 (NASDAQ: HUT)
Hut 8 combines exposure to Bitcoin mining with energy and digital infrastructure opportunities, including high-performance computing.
Its broader business model makes it important to evaluate not only mining output but also the financial characteristics of its infrastructure and computing operations.
Potential strengths
- Exposure to Bitcoin mining and related infrastructure.
- Potential opportunities from AI and high-performance computing demand.
- Infrastructure and energy assets that may support multiple computing uses.
- Potential diversification of revenue sources.
Key risks
- Large infrastructure investment requirements.
- The risk that new computing projects take longer or cost more than expected.
- Financing, utilization, and customer-contract risks.
- Continued exposure to cryptocurrency market volatility through its mining business.
Investors should distinguish between revenue generated by operating mining facilities and revenue associated with contracted or operating high-performance computing infrastructure. These activities can have different cost structures, contract durations, capital requirements, and risk profiles.
Which Metrics Matter When Comparing Bitcoin Mining Stocks?
A useful Bitcoin mining stocks comparison should include operating performance, financial resilience, valuation, and business diversification. No single metric provides a complete picture.
1. Operational hashrate
Hashrate measures the computing power a miner contributes to Bitcoin mining, typically expressed in terahashes or exahashes per second.
A higher operational hashrate can increase a company’s potential share of mining rewards, assuming other factors remain equal. However, it does not automatically produce higher profits because network difficulty, equipment efficiency, downtime, and electricity costs also matter.
Compare actual operating hashrate rather than relying exclusively on announced or planned capacity.
2. Mining efficiency and electricity costs
Mining efficiency measures how much electricity equipment consumes to produce a given amount of computing power. It is often reported in joules per terahash or watts per terahash.
More efficient equipment can reduce electricity consumption per unit of computing power. However, total profitability also depends on electricity prices, cooling, maintenance, facility utilization, and other overheads.
Investors should compare electricity costs and equipment efficiency using the same units and reporting periods wherever possible.
3. Bitcoin production and realized mining economics
The number of Bitcoin mined is useful, but production should be evaluated relative to the resources required to generate it.
Relevant measures include:
- Bitcoin mined during the reporting period.
- Revenue per unit of hashrate.
- Electricity and hosting expenses.
- Mining-related operating costs.
- Bitcoin sold and Bitcoin retained.
- The amount of capital required to sustain production.
A company that mines more Bitcoin is not necessarily more profitable if it has substantially higher operating costs or a more expensive capital structure.
4. Revenue, operating margins, and cash flow
Revenue growth shows the change in a company’s sales, but it does not show whether the business is generating enough cash to finance its operations and expansion.
Review revenue alongside operating income, adjusted EBITDA where useful, operating cash flow, capital expenditure, and free cash flow. Check the company’s accounting policies and reconcile non-GAAP measures with reported financial statements.
Bitcoin mining companies may also report substantial non-cash changes in the value of their Bitcoin holdings. These should be distinguished from cash generated by mining operations.
5. Bitcoin holdings, debt, and share dilution
A company’s Bitcoin holdings may provide additional exposure to Bitcoin price movements, but they should not be evaluated in isolation.
Investors should review:
- The quantity of Bitcoin held and the date of measurement.
- Cash, debt, and other material liabilities.
- Convertible securities and potential future share issuance.
- Capital expenditure commitments.
- The number of diluted shares outstanding.
Market capitalization is not the same as enterprise value. Enterprise value generally incorporates market capitalization and debt, subtracts cash, and may require adjustments for other material claims. It can help investors compare businesses with different capital structures.
6. Valuation
Mining stocks should not be compared using share prices alone. A stock trading at $5 is not automatically cheaper than one trading at $20 because companies have different share counts, debt levels, and earnings prospects.
Useful valuation measures may include:
- Enterprise value relative to revenue.
- Enterprise value relative to an appropriately defined operating earnings measure.
- Price-to-book value, where meaningful.
- Expected free cash flow under clearly stated assumptions.
- Net asset value, with adjustments for debt, liabilities, and dilution.
Traditional earnings multiples can be less informative when earnings are negative or heavily affected by non-cash Bitcoin valuation changes. Investors should choose measures appropriate to each company’s business model.
7. Energy strategy and sustainability
Energy arrangements can affect operating costs, facility reliability, and expansion opportunities. Companies may use different combinations of grid electricity, renewable power, long-term contracts, and other energy sources.
Do not treat a company’s renewable-energy percentage as a direct measure of profitability or environmental impact. Check how the company defines its energy mix, which facilities are included, and whether its disclosures cover actual consumption or contracted supply.
How Bitcoin Prices Affect MARA and Other Mining Stocks
Bitcoin’s market price is one of the most important drivers of Bitcoin mining economics, but it is not the only one.
When Bitcoin prices rise, miners may receive more revenue for each Bitcoin mined. If operating costs and network conditions remain favorable, this can improve margins and cash generation. Higher Bitcoin prices may also increase the reported value of a company’s Bitcoin holdings.
However, mining profitability depends on the interaction of several variables:
- Bitcoin price: The market value of mining rewards.
- Network difficulty: The computational competition involved in earning those rewards.
- Block rewards and transaction fees: The Bitcoin and fees earned for successfully mining blocks.
- Energy costs: A major recurring expense for many mining operations.
- Equipment efficiency: The electricity required to generate a unit of hashrate.
- Capital structure: Debt service, financing costs, and potential dilution.
What does the Bitcoin halving mean for mining stocks?
The Bitcoin halving reduces the block subsidy paid to miners. The most recent halving occurred in April 2024, reducing the subsidy from 6.25 BTC to 3.125 BTC per block.
Unless offset by changes in Bitcoin prices, transaction fees, network conditions, or operating efficiency, a lower block subsidy can reduce mining revenue per unit of computing power.
This makes operating efficiency and financial resilience especially important. Companies with competitive energy costs, efficient equipment, and sufficient liquidity may be better positioned to withstand periods of weak mining economics, although no business is immune to sustained market pressure.
Why MARA stock may move differently from Bitcoin
MARA shares represent ownership in a company, not direct ownership of a fixed quantity of Bitcoin. Its share price reflects expectations about the business, assets, liabilities, financing needs, management decisions, and future cash flows.
Consequently, MARA can underperform Bitcoin during a rally or fall more sharply than Bitcoin during a downturn. The same principle applies to RIOT, CLSK, WULF, BITF, and HUT.
Investors should avoid relying on a single historical correlation or assuming that a past relationship will remain stable under different market conditions.
Risks of Investing in Crypto Mining Stocks
Bitcoin mining stocks can offer substantial upside in favorable market conditions, but they also expose investors to company-specific and industry-wide risks.
Bitcoin market risk
A sustained decline in Bitcoin’s price can reduce mining revenue and the market value of Bitcoin holdings. It may also make less-efficient mining operations uneconomic.
Mining difficulty and competition
An increase in network difficulty can reduce the amount of Bitcoin earned per unit of computing power, all else being equal. Companies may need to invest in new equipment to remain competitive.
Financing and dilution
Mining infrastructure requires substantial capital. Companies may issue shares, borrow money, or use other financing arrangements to fund expansion. Additional share issuance can dilute existing shareholders, while debt can increase financial risk.
Energy and infrastructure risk
Electricity prices, power availability, grid constraints, weather events, equipment failures, and construction delays can affect output and operating costs.
Regulatory and jurisdictional risk
Changes in energy policy, mining restrictions, environmental rules, taxation, and securities regulation can affect the cost or viability of operations.
AI and high-performance computing execution risk
Diversification into AI and HPC can create opportunities, but these businesses may require significant capital, specialized infrastructure, reliable power, and customer contracts. Announced projects do not guarantee future revenue or attractive returns.
Valuation risk
Even a well-managed company can be a poor investment if its stock price already reflects overly optimistic assumptions. Investors should compare valuation with realistic expectations for operating performance and future capital requirements.
The U.S. Securities and Exchange Commission’s investor education materials emphasize the speculative and volatile nature of crypto-related investments. Investors should review the risks disclosed in each company’s filings and consider how the investment fits their overall financial circumstances.
AI and HPC: How Mining Companies Are Diversifying
Bitcoin mining and high-performance computing both require substantial computing infrastructure, but their economics differ.
Bitcoin mining revenue depends on Bitcoin rewards, transaction fees, network competition, and mining costs. AI and HPC businesses may instead generate revenue through hosting agreements, contracted computing capacity, or other infrastructure services.
This diversification may reduce dependence on mining revenue if a company secures profitable contracts. However, it can also introduce new risks, including construction costs, customer concentration, equipment requirements, financing, and uncertain utilization.
When evaluating a company’s AI strategy, investors should ask:
- Is the capacity operational, under construction, or merely planned?
- Is power available and secured for the required period?
- Are customer contracts signed, and what are their material terms?
- What capital expenditure is required before revenue begins?
- What operating margins and financing obligations are expected?
- How much of the company’s valuation already reflects anticipated AI growth?
The answers can help investors distinguish a credible diversification strategy from an expansion plan whose financial returns remain uncertain.
How to Evaluate MARA vs. Other Crypto Stocks
A disciplined comparison should use consistent data rather than isolated price movements or promotional growth forecasts.
Step 1: Establish a common reporting period
Use the latest available annual or quarterly filings for MARA, RIOT, CLSK, WULF, BITF, and HUT. Record the reporting period and the publication date for every figure.
Do not compare one company’s current hashrate with another company’s figure from a year earlier without clearly labeling the difference.
Step 2: Compare operating performance
Build a comparison using operational hashrate, Bitcoin production, electricity costs, equipment efficiency, and mining-related revenue. Separate actual operating capacity from planned capacity.
Step 3: Review financial resilience
Compare cash, debt, capital expenditure, operating cash flow, Bitcoin holdings, and diluted shares outstanding. Identify how much additional funding each company may need to execute its plans.
Step 4: Assess valuation
Compare enterprise value and other suitable valuation measures. Consider whether the current stock price already assumes favorable Bitcoin prices, improved mining economics, or successful AI infrastructure expansion.
Step 5: Test multiple scenarios
Consider at least three possible outcomes:
- Bullish scenario: Bitcoin prices rise, mining economics improve, and the company executes its expansion plans without excessive financing costs.
- Base scenario: Bitcoin prices and mining economics fluctuate, while operating improvements partially offset costs and capital expenditure.
- Bearish scenario: Bitcoin prices weaken, mining difficulty or operating costs rise, and the company needs additional capital or delays its expansion.
These scenarios are analytical frameworks, not forecasts. Assigning probabilities or price targets requires current financial data and explicit assumptions.
Step 6: Decide what exposure you actually want
Investors seeking Bitcoin price exposure without operating-company risk may prefer to compare direct Bitcoin ownership or regulated investment products with mining stocks. Mining equities offer a different risk profile because they combine Bitcoin sensitivity with company management, financing, operational execution, and valuation risk.
The appropriate investment depends on an individual’s objectives, risk tolerance, time horizon, and portfolio diversification.
Conclusion: Is MARA Better Than Other Crypto Stocks?
MARA is a significant company to evaluate in the Bitcoin mining sector, but it should not automatically be considered superior to RIOT, CLSK, WULF, BITF, or HUT.
Its investment case depends on the economics of its mining operations, the value and management of its Bitcoin holdings, its capital structure, and the returns it can generate from infrastructure investments. Competing companies have different combinations of mining efficiency, energy arrangements, financial obligations, and potential computing-service opportunities.
The most useful comparison is the one that connects operating performance to valuation and shareholder returns. A higher hashrate, faster revenue growth, larger Bitcoin holdings, or a more ambitious expansion plan does not independently establish that a stock is the better investment.
Before making a decision, compare current filings, calculate relevant operating and valuation metrics, assess financing and dilution risks, and test how each company might perform under different Bitcoin price scenarios. These steps provide a more defensible basis for evaluating MARA against other crypto stocks than relying on historical share-price movements or unsupported price targets.
Editorial and financial disclosure: This article is for informational and educational purposes only. It does not constitute personalized financial, investment, or tax advice. Financial figures and company strategies should be verified against current official disclosures before publication or use in an investment decision.
Frequently Asked Questions
Is MARA better than RIOT stock?
Neither MARA nor RIOT is automatically the better investment. Compare their operating hashrate, mining costs, electricity arrangements, Bitcoin holdings, cash, debt, diluted shares, and valuation. The preferable stock depends on current pricing and the assumptions an investor makes about future operating performance.
What are the main alternatives to MARA stock?
Commonly compared publicly traded Bitcoin mining stocks include Riot Platforms (RIOT), CleanSpark (CLSK), TeraWulf (WULF), Bitfarms (BITF), and Hut 8 (HUT). Their business models overlap, but their energy arrangements, operating efficiency, capital structures, and diversification strategies differ.
Do Bitcoin mining stocks follow Bitcoin’s price?
Bitcoin mining stocks are often sensitive to Bitcoin prices because mining rewards are denominated in Bitcoin. However, their shares can move differently from Bitcoin due to operating costs, network difficulty, debt, dilution, management decisions, and changing investor expectations.
What is the most important metric for comparing Bitcoin mining stocks?
There is no single best metric. Operational hashrate measures mining capacity, fleet efficiency helps evaluate energy use, and mining costs provide context for profitability. Investors should also assess cash flow, capital expenditure, debt, Bitcoin holdings, diluted shares, and valuation.
Is a higher hashrate always better for investors?
No. A higher hashrate can increase a miner’s potential share of network rewards, but it may also require significant equipment and energy investment. Higher capacity creates shareholder value only if the associated revenue and operating economics justify the cost.
How does Bitcoin halving affect MARA and other mining stocks?
Bitcoin halving reduces the block subsidy, lowering the number of new Bitcoin awarded per block. Unless offset by higher Bitcoin prices, transaction fees, or improved operating efficiency, this can pressure mining revenue and profitability.
Can Bitcoin mining companies benefit from AI and high-performance computing?
Yes, potentially. Mining companies with suitable power access and infrastructure may develop computing services for AI and HPC customers. However, profitability depends on customer contracts, construction costs, financing, utilization, and operating expenses. Planned capacity should not be treated as realized revenue.
What risks should investors consider before buying MARA?
Key risks include Bitcoin price volatility, mining difficulty, energy costs, equipment obsolescence, regulatory changes, debt, share dilution, and capital expenditure. MARA’s diversification into additional computing infrastructure introduces execution and financing risks as well.
Should investors buy Bitcoin or Bitcoin mining stocks?
The two investments offer different forms of exposure. Bitcoin provides direct exposure to the asset’s price, while mining stocks add company-specific operating, financing, and management risks. Investors should compare these alternatives based on their objectives, risk tolerance, investment horizon, and portfolio needs.
Where can investors find reliable financial information about MARA and its competitors?
Start with official investor relations websites, SEC filings, annual reports, quarterly results, and company earnings releases. Check the reporting period and publication date, distinguish reported results from management forecasts, and verify material claims against primary sources before relying on them.
