Increase in Bitcoin Production and Mining Output
Marathon Digital Holdings has announced that it achieved a record-breaking production of 1,853 bitcoins last month, valued at $81.2 million. This marks a significant increase from the previous year when the firm mined 12,852 bitcoins worth $563.4 million.
Growth in Operational Hash Rate
Marathon also reported an 18% month-over-month increase in its average operational hash rate, reaching 22.4 EH/s. The company’s chairman and CEO, Fred Thiel, stated that they aim to achieve a 30% growth in energized hash rate by 2024 and anticipate reaching 50 exahashes within the next 18 to 24 months.
Transaction Fees Driving Production Growth
Marathon attributes its production growth to higher transaction fees on the Bitcoin network. The company noted that MaraPool collected over 380 BTC in transaction fees, accounting for 22% of BTC production.
Marathon’s Bitcoin Holdings
As of December 31, 2023, Marathon holds more than 15,000 bitcoins.
About the Author
Adam is the managing editor for Europe, the Middle East and Africa. He has extensive experience in the crypto industry and has worked with leading crypto media brands.
Hot Take: Marathon Digital Holdings Achieves Record-Breaking Bitcoin Production
Marathon Digital Holdings has achieved remarkable success in bitcoin production, setting a new company record. With an increased mining output and operational hash rate, Marathon continues to establish itself as a prominent player in the industry. The company attributes its growth to higher transaction fees on the Bitcoin network and aims for further expansion in the coming years. This achievement positions Marathon as a significant contributor to the Bitcoin ecosystem and highlights the potential for continued success in the crypto mining sector.
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