Marathon Bitcoin Mining Firm Shifts Focus to International Joint Ventures
Marathon, the world’s largest Bitcoin mining firm with a hash rate of 19.2 EH/s, is turning its attention to international joint ventures for future growth. The company’s operations report, shared by Bitcoin mining expert Jaran Mellerud on Nov. 14, highlights Marathon’s preparations for the upcoming Bitcoin halving, which is less than six months away.
The report reveals that Marathon has significantly increased its Bitcoin production by 467% in one year, expanding its hash rate from 7 EH/s to 19.2 EH/s. The company’s Bitcoin output rose from 416 BTC in Q3 2022 to 3,490 BTC in Q3 2023.
Shift to International Ventures and Expansion Plans
Marathon aims to achieve a hash rate of 23 EH/s with the full operation of its Garden City, Texas facility. However, energization delays have hampered progress since July. The company is now focusing on international joint ventures to diversify its mining operations and reduce production costs.
The firm plans to expand into new territories, with facilities in Abu Dhabi and Paraguay expected to increase its capacity by 30% in 2024.
Challenges and Future Prospects
Despite improvements in its cost structure, Marathon faces high expenses compared to its peers. The impending halving and potential drops in Bitcoin prices could impact the firm’s margins. With the Bitcoin network operating at a near-record hash rate and mining profitability remaining low, Bitcoin mining continues to be challenging for all but the largest operators in the field.
Hot Take: Marathon’s Strategic Shift Towards International Ventures
Marathon’s move towards international joint ventures reflects a strategic shift aimed at diversifying its mining operations and reducing production costs. As it prepares for the upcoming Bitcoin halving, Marathon’s focus on expansion into new territories could position it as one of the most geographically diversified miners in the industry.
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