Marathon Digital Holdings Shares Bitcoin Production Results For December 2023

Bits Logics Team . 05th Jan 2024

• Marathon Digital Holdings released unaudited updates on its Bitcoin production and mining operations for the month of December 2023.
• The company’s hash rate growth, coupled with efficiency gains, led to an 18% increase in average operational hash rate to 21.9 exahashes.
• A notable contributor to December’s success was MaraPool, which collected over 380 BTC in transaction fees.

Marathon Digital Holdings, Inc., a digital asset technology company, released unaudited updates on its Bitcoin production and mining operations for the month of December 2023.

Marathon’s Chairman and CEO, Fred Thiel, highlighted the company’s achievements, stating, “In December, we increased our energized hash rate by 4% to 24.7 exahashes, solidifying our position as the largest publicly traded bitcoin miner in North America. Looking ahead, we are targeting a 30% growth in energized hash rate for 2024 and are optimistic about reaching 50 exahashes in the next 18 to 24 months with the acquisition of two sites from Generate Capital, set to close in January 2024.”

Thiel further reported international progress, noting the energization of 2.7 exahashes in Abu Dhabi, with additional hash power expected to be online in January. In Paraguay, Marathon’s joint venture saw 0.3 exahashes energized, and the company anticipates reaching the full 1.1 exahashes online by early Q2 2024.

The company’s hash rate growth, coupled with efficiency gains, led to an 18% increase in average operational hash rate to 21.9 exahashes, contributing to a record-breaking bitcoin production of 1,853 BTC in December, up 56% from November and 290% year-over-year. Thiel remarked, “We believe this to be the highest monthly total ever recorded by a public bitcoin mining company.”

A notable contributor to December’s success was MaraPool, which collected over 380 BTC in transaction fees, representing 22% of BTC production, up from 12% the previous month. Marathon’s vertically integrated tech stack, including ownership of its mining pool, proved advantageous in capturing higher transaction fees.

Marathon’s recent acquisition of sites in Granbury, TX, and Kearney, NE, expected to close in January 2024, is anticipated to enhance cost structures and increase near-term growth potential. Thiel stated, “We look forward to sharing more details on the integration strategy and financial impact after the deal has closed.”

As of December 31, Marathon holds a total of 15,174 unrestricted BTC and $356.8 million in cash and cash equivalents, all unrestricted. Marathon aims to leverage its robust financial position to capitalize on strategic opportunities, including industry consolidation, in anticipation of the next Bitcoin network halving.