Marathon Achieves 20% Surge in Domestic Hash Rate, Sells 59% of Monthly BTC Production

Bits Logics Team . 05th Dec 2023

• Marathon’s Chairman and CEO, Fred Thiel, announced a 20% increase in the domestic energized hash rate, reaching an impressive 23.1 exahashes.
• Marathon strategically sold 59% of its monthly production, amounting to 700 BTC, to cover operating expenses.
• BTC is priced at $42,145.48 after experiencing a 2.08% surge over one day.

Marathon Digital Holdings, Inc., a digital asset technology company that engages in mining cryptocurrencies, has reported significant achievements in its November 2023 operational and financial updates.

In a press release, Marathon’s Chairman and CEO, Fred Thiel, announced a 20% increase in the domestic energized hash rate, reaching an impressive 23.1 exahashes. The completion of the Garden City, Texas, facility played a pivotal role in this accomplishment, solidifying Marathon’s position as the largest Bitcoin miner in North America.

Internationally, Marathon made notable progress in Abu Dhabi, with 2.5 exahashes now online. This includes 10,000 rigs at the Masdar City facility, and an additional 4.6 exahashes are expected to be operational by January 2024. The company’s joint venture in Paraguay kicked off in November, energizing 1,170 miners and representing 0.2 exahash. The full 1.1 exahashes are anticipated to be online by early Q2 2024.

Despite a 9% sequential increase in network difficulty, Marathon’s hash rate increase and efficiency gains resulted in the production of 1,187 bitcoins in November, showcasing a mere 1% decrease from October. This total includes contributions from joint ventures in Abu Dhabi and Paraguay.

Marathon strategically sold 59% of its monthly production, amounting to 700 BTC, to cover operating expenses. As of November 30, the company holds 14,025 unrestricted BTC. With a commitment to build liquidity in anticipation of the next Bitcoin network halving, Marathon increased its combined balance of unrestricted cash, cash equivalents, and Bitcoin from $620.3 million to $802.3 million by the end of November 2023.

At the time of writing, BTC is priced at $42,145.48 after experiencing a 2.08% surge over one day. The surges BTC has been making each day help it maintain a weekly spike of 12.19%. Moreover, the market cap and trading volume are valued at $825,895,615,585 and $26,802,027,450, respectively.