Marathon Digital Holdings has reported its highest monthly Bitcoin mining output ever, successfully mining 1,853 BTC in December. Over the course of the last year, the company mined 12,852 BTC, valued at over $563.4 million, which is more than triple its production of 4,144 BTC in 2022. The Bitcoin miner also increased its average operational hash rate by 18% each month, reaching 22.4 EH/s.
Fred Thiel, Marathon’s chairman and CEO, disclosed that the company increased its energized hash rate by 4% to 24.7 exahashes, solidifying its position as the largest publicly traded bitcoin miner in North America. Significant transaction fees were a key factor in boosting December’s Bitcoin production, exceeding the typical growth rate of the average operational hash rate. In December, MaraPool, owned and managed by Marathon, collected over 380 BTC in transaction fees, making up 22% of the asset’s production, a significant rise from the 12% recorded in the previous month.
Thiel also announced the upcoming acquisition of sites in Granbury, TX and Kearney, NE, expected to close in January 2024. This acquisition is anticipated to enhance the company’s cost structure and boost near-term growth potential. With new miners already ordered, the company expects to quickly fill available capacity. Thiel stated that the company aims for a 30% growth in energized hash rate throughout 2024 and projects a hash rate of 50 exahashes within the next 18 to 24 months.
Marathon is also expanding its operations beyond the US, focusing on Abu Dhabi, where it currently has 2.7 exahashes online. This includes over 13,000 operational rigs at the company’s larger facility in Masdar City, with an additional 4.4 exahashes expected to be operational by January 2024.
Progress has also been made in Marathon’s recent collaboration in Paraguay, achieving 0.3 exahash with 2,110 miners currently in operation. The full deployment of 1.1 exahashes is expected to be completed by early Q2 2024. The company had previously initiated a 27-megawatt Bitcoin mining project powered by renewable hydro energy near Paraguay’s Itaipu Dam.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 🇦🇪 🇵🇾 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Fred Thiel |
| Companies | Binance Futures, Marathon Digital Holdings, Generate Capital |
| Currencies | Bitcoin |
| Securities | None |
