- Marathon Digital hits record Bitcoin mining in December, reflecting overall growth in the industry.
- Expansion in Bitcoin mining intensifies with the anticipation of ETFs and the upcoming halving.
Imagine for a moment being on the inside of cryptocurrency mining, and there’s Marathon Digital Holdings, marking a before and after in the industry. Mining 1,853 Bitcoin in a month? Yes, it sounds almost like a dream, but Marathon Digital has made it a reality this December, surpassing any previous mark, not only personally but in the entire Bitcoin mining sector.
A History-Making Feat
December 2023 will be remembered as the month Marathon Digital, from its base in Florida, rewrote the rules of the game in Bitcoin mining. With an output of 1,853 Bitcoin, the company not only improved its own performance by 56% over November, but achieved an impressive 290% increase compared to the same month last year.
In the company’s words, “We believe this is the highest monthly total ever recorded by a public Bitcoin mining company. “
They have even left behind Core Scientific, which in January 2023 had set what seemed to be an unattainable record with 1,527 BTC.
A Hash Rate Increase
Fried Thiel, Marathon’s president and CEO, has revealed the driving force behind this all-time record: a substantial 18.4% increase in hash rate, reaching an impressive 22.4 exahashes per second.
Marathon Digital Holdings’ December 2023 #Bitcoin Production Update is here:
– Record BTC Production of 1,853 BTC in December and 12,852 in 2023
– Increased Average Operational Hash Rate 18% M/M to 22.4 EH/s
– BTC Holdings Now Over 15,000, Total Cash & BTC of $1.0B as of…— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) January 4, 2024
But Marathon’s ambitions don’t stop there. On December 19, the company announced a significant investment of $179 million in the acquisition of two mining centers, which will add 390 megawatts to its already sizable 584 megawatt capacity.
Thiel makes no secret of his vision for the future of Marathon:
“Our target is 30% growth in energized hash rate by 2024. With the recent acquisition of two sites from Generate Capital, we are on track to reach 50 exahashes in the next 18 to 24 months.”
These words reflect not only an ambitious strategy, but also an unwavering faith in the company’s growth potential.
A Day to Remember at the Stock Exchange
December 28 was a memorable day for Marathon. For a brief moment, it became the most traded public company on the U.S. stock market, surpassing industry titans such as Tesla, Apple and Amazon.
With daily trading volume reaching $3.3 billion, Marathon not only demonstrated its strength in the Bitcoin mining field, but also its prominence and appeal in the investment world.
This achievement on the exchange is not just another number in the financial statistics; it is a clear sign of Marathon’s relevance and growing impact on the global market.
An Optimal Scenario for Bitcoin Mining
Marathon’s extraordinary performance in December has not been an isolated case. In fact, it has coincided with a period of significant expansion in the Bitcoin mining industry. This growth is being driven, in part, by the growing expectation that a cash Bitcoin exchange-traded fund will be approved, something that could happen as soon as January 8.
In addition, the Bitcoin community is awaiting with great anticipation the next Bitcoin hash in April, an event that has historically had a considerable impact on the market.
This mood of optimism is not only being tapped by Marathon
On December 5, Riot Platforms, a direct competitor, made a massive investment in Bitcoin mining equipment, shelling out no less than $291 million. This purchase was not only the largest in Riot Platforms’ history, but also reflects the growing confidence in the future of Bitcoin mining.
With expansion plans and a market that increasingly supports these efforts, Marathon and other similar companies are paving the way for a future where Bitcoin mining plays a crucial role in the financial world. With its strategy and vision, Marathon Digital is not only setting records, but also defining trends in cryptocurrency mining.
