Marathon Digital Holdings Achieves Record Bitcoin Mining Output
Marathon Digital Holdings, a Bitcoin mining company, reported its highest monthly Bitcoin mining output ever. In December, the company successfully mined 1,853 BTC. Last year, Marathon mined a total of 12,852 BTC, valued at over $563.4 million, surpassing its previous year’s production by more than three times. The company also increased its average operational hash rate by 18% each month, reaching 22.4 EH/s.
Bitcoin Production Surges
Fred Thiel, Marathon’s chairman and CEO, revealed that the company raised its energized hash rate to 24.7 exahashes, solidifying its position as the largest publicly traded bitcoin miner in North America. The press release states that significant transaction fees played a crucial role in accelerating December’s Bitcoin production. MaraPool, Marathon’s pool management system, garnered over 380 BTC in transaction fees during the month, constituting 22% of the asset’s production.
The ability to secure substantial transaction fees is a key advantage derived from Marathon’s vertically integrated tech stack.
“The recently announced acquisition of the sites in Granbury, TX and Kearney, NE… is expected to improve our cost structure and increase our near-term growth potential.”
Thiel stated that Marathon aims for a 30% growth in energized hash rate throughout 2024 and highlighted the strategic acquisition of two sites from Generate Capital. This acquisition positions Marathon to achieve a hash rate of 50 exahashes within the next 18 to 24 months. Additionally, Marathon is expanding its operations in Abu Dhabi and Paraguay.
Paraguay Expansion Progress
In Paraguay, Marathon has achieved an operational hash rate of 0.3 exahash with 2,110 miners currently in operation. The company expects to fully deploy 1.1 exahashes by early Q2 2024. Marathon had previously launched a Bitcoin mining project near Paraguay’s Itaipu Dam, powered by renewable hydro energy.
Hot Take: Marathon Digital Holdings Sets New Records in Bitcoin Mining
Marathon Digital Holdings has achieved its highest monthly Bitcoin mining output ever, mining 1,853 BTC in December. With a total of 12,852 BTC mined last year, Marathon surpassed its previous year’s production by more than three times. The company also increased its average operational hash rate and secured significant transaction fees through its vertically integrated tech stack. Marathon’s strategic acquisitions and expansion plans position the company for further growth in the future.
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