Marathon Hits New Heights: Bitcoin Miner Reports Record 1,853 Coins Produced In December - Marathon Digital Holdings (NASDAQ:MARA)

Marathon Hits New Heights: Bitcoin Miner Reports Record 1,853 Coins Produced In December – Marathon Digital Holdings (NASDAQ:MARA)

5 January 2024

in Mining

Reading Time: 3 mins read

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Marathon Digital Holdings, Inc. (NASDAQ:MARA), a prominent player in the crypto mining ecosystem, has released unaudited updates on its booming Bitcoin mining operations for December 2023. It reported a significant increase in its Bitcoin (CRYPTO: BTC) mining output, bolstered by higher transaction fees.

Increased Hash Rate And Bitcoin Production:

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The company’s energized hash rate rose by 4% month-over-month to 24.7 exahashes. CEO Fred Thiel aims for a 30% energized hash rate increase, with the company on track to reach 50 exahashes in the next 18 to 24 months, following the acquisition of two sites from Generate Capital.

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Global Expansion And Efficiency Gains:

Marathon’s international expansion continues boosting output, with 2.7 exahashes now online in Abu Dhabi, including over 13,000 rigs at its Masdar City facility.

Its joint venture in Paraguay has reached 0.3 exahash, with full capacity expected by early Q2 2024. These expansions, coupled with efficiency gains, drove an 18% growth in average operational hash rate.

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Record-Breaking Bitcoin Production:

In December, Marathon mined a record 1,853 BTC, up 56% from November. This 290% year-over-year surge, partly driven by higher transaction fees, is believed to be the highest monthly total ever recorded by a public Bitcoin mining company.

Transaction Fees Boost Revenue:

Higher transaction fees significantly enhanced returns.

The company’s mining pool, MaraPool, collected over 380 BTC in transaction fees, accounting for 22% of its total Bitcoin production, a substantial increase from the previous month.

Financial Highlights And Future Outlook:

As of Dec. 31, Marathon held 15,174 unrestricted BTC and $356.8 million in cash and cash equivalents.

The company sold a portion of its Bitcoin holdings to cover operating expenses and plans to continue this strategy to support monthly operations and manage its treasury.

Read Next: Crypto Carnage Looms: SEC Leans On Terraform Case To Hammer Coinbase, Binance

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