Marathon’s Operations
Marathon, the world’s largest Bitcoin mining firm, recently disclosed its latest quarterly report. The company has been aggressively expanding its hash power and is transitioning to an international joint venture model for future growth.
Marathon Seeking Growth Overseas
Marathon holds the title of the largest public miner by hash rate, with 19.2 EH/s online and owning 13,396 BTC worth an estimated $474 million. The company has expanded its Bitcoin production by 467% in one year, growing its hash rate from 7 EH/s to 19.2 EH/s.
The report indicated that Marathon will soon reach its 23 EH/s goal with the powering up of its facility in Garden City, Texas, expected to be fully operational later in the month.
The company plans to pivot to international joint ventures to reduce production costs over time.
“As Marathon is getting its final US-based hosted facilities online, it focuses more on scaling internationally through joint ventures with local partners.”
Marathon aims to expand 30% in 2024 with new facilities in Abu Dhabi and Paraguay.
Bitcoin Mining Ecosystem Outlook
The Bitcoin network’s daily average hash rate is currently close to its all-time high at 428 EH/s, putting pressure on miners competing for the next block. The difficulty level is also at peak levels of 64.6T.
Despite price increases, mining profitability remains low at $0.079 per TH/s per day, making BTC mining a challenge for all but the biggest players.
Hot Take
Marathon’s aggressive expansion and pivot towards international joint ventures reflect the changing landscape of Bitcoin mining as companies seek growth opportunities beyond traditional mining hubs.
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