With 1,853 Bitcoin mined in December, Marathon Digital Holdings achieved its greatest monthly mining production to date. The company produced 12,852 BTC in total in 2021, more than tripling its output of 4,144 BTC in 2022 and valued at approximately $563.4 million. Furthermore, Marathon reached 22.4 EH/s, an 18% monthly increase in its average operational hash rate.
As the largest publicly traded Bitcoin miner in North America, Marathon upped its energised hash rate by 4% to 24.7 exahashes, according to the company’s chairman and CEO, Fred Thiel. The December acceleration of Bitcoin creation was largely due to significant transaction fees, which outpaced the normal growth rate of the average operating hash rate. Over 380 BTC in transaction fees were received by Marathon’s mining pool, MaraPool, during the month, making up 22% of the asset’s production (compared to 12% in November).
Thiel announced that Marathon wants to increase its average hash rate by 30% by 2024. He also emphasized the company’s strategic purchase of two sites from Generate Capital. It is anticipated that this acquisition will enhance the company’s potential for near-term growth and improve its cost structure. Marathon is concentrating on Abu Dhabi as well. By January 2024, it hopes to have 4.4 exahashes operational there, up from the existing 2.7 exahashes. With 2,110 miners operating, Marathon’s latest partnership in Paraguay has produced 0.3 exahash; the entire deployment of 1.1 exahashes is anticipated by early Q2 2024.