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Marathon Digital Holdings Achieves Record Monthly Bitcoin Mining Output

07/01/2024 03:14

According to CryptoPotato, Marathon Digital Holdings reported its highest monthly Bitcoin mining output ever, mining 1,853 BTC in December. The company mined a total of 12,852 BTC, valued at over $563.4 million, in 2021, more than tripling its 2022 production of 4,144 BTC. Additionally, Marathon increased its average operational hash rate by 18% each month, reaching 22.4 EH/s. Marathon's chairman and CEO, Fred Thiel, announced that the company increased its energized hash rate by 4% to 24.7 exahashes, making it the largest publicly traded Bitcoin miner in North America. Significant transaction fees contributed to the accelerated Bitcoin production in December, surpassing the typical growth rate of the average operational hash rate. MaraPool, Marathon's mining pool, collected over 380 BTC in transaction fees during the month, accounting for 22% of the asset's production, up from 12% in November. 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 is expected to improve the company's cost structure and increase its near-term growth potential. Marathon is also focusing on Abu Dhabi, where it currently has 2.7 exahashes online, and plans to have 4.4 exahashes operational by January 2024. In Paraguay, Marathon's recent collaboration has achieved 0.3 exahash with 2,110 miners in operation, with the full deployment of 1.1 exahashes expected by early Q2 2024.

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