Marathon Digital Holdings Inc. Achieves Record BTC Production and Operational Growth in December 2023
Fort Lauderdale, FL – Marathon Digital Holdings Inc. (NASDAQ:MARA) has announced its unaudited bitcoin production and miner installation updates for December 2023. The company has achieved record BTC production of 1,853 BTC, a 56% increase from November and a 290% increase from the previous year. This is believed to be the highest monthly total ever recorded by a public bitcoin mining company.
In addition to record production, Marathon has also seen significant operational growth. The company’s energized hash rate has increased by 4% to 24.7 exahashes, solidifying its position as the largest publicly traded bitcoin miner in North America. Marathon’s average operational hash rate has also increased by 18% to 21.9 exahashes, or 22.4 exahashes including its share of joint ventures.
Marathon’s success in capturing sizable transaction fees, which accounted for 22% of BTC production in December, is attributed to its vertically integrated tech stack and ownership of its own pool. The company’s recent acquisition of two sites in Texas and Nebraska, expected to close in January 2024, is expected to further improve its cost structure and increase its growth potential.
“We continue to target 30% growth in energized hash rate in 2024 and with the recently announced acquisition of the two sites from Generate Capital, we expect to reach 50 exahashes in the next 18 to 24 months,” said Fred Thiel, Marathon’s chairman and CEO. “Our success in capturing the sizable transaction fees currently available to miners is directly related to owning and operating our own pool and represents a key competitive advantage of our vertically integrated tech stack.”
Marathon has also made progress outside of the US, with 2.7 exahashes now online in Abu Dhabi and a new joint venture in Paraguay reaching 0.3 exahash. The company expects the full 1.1 exahashes to be online by early Q2 2024.
