YEREVAN (CoinChapter.com) – Marathon Digital Holdings broke its own record in Bitcoin mining in December 2023. They achieved a significant milestone by mining 1,853 Bitcoin (BTC) in a month, a 56% increase from their production in November and a remarkable 290% increase year-over-year.
Marathon Breaks Own Record at Nearly 1.9K BTC
This achievement is considered to be the highest monthly total ever recorded by a public Bitcoin mining company. In January 2023, Core Scientific reported achieving a record in Bitcoin mining by producing 1,527 BTC for that month. However, Marathon Digital Holdings outperformed this figure, surpassing Core Scientific’s production by over 300 BTC.
Marathon mining’s average operational hash rate also saw an impressive 18% month-over-month increase, reaching 22.4 exahashes per second (EH/s) by the end of December. This growth in hash rate and operational efficiency was a key factor in their record-breaking production. Marathon attributes a significant part of this production growth to higher transaction fees on the Bitcoin network.
In December, their mining pool, MaraPool, collected over 380 BTC in transaction fees. They accounted for 22% of their total Bitcoin production for the month, up from 12% in the previous month. Additionally, Marathon’s BTC holdings exceeded 15,000. Their combined total cash and BTC value reached $1.0 billion as of Dec 31, 2023.
Moreover, Marathon aims to achieve a 30% growth in energized hash rate in 2024. The company plans to acquire two new sites to contribute to this goal, aiming to reach 50 exahashes within the next 18 to 24 months.
Meanwhile, its stock MARA rose to a 21-month high due to the increased performance.
MARA Jumps 325% in Q4, 2023
As mentioned, the increased production pushed the MARA stock over 325% in Q4 2023, and the stock price achieved a 21-month high of $31 on Dec 27. Marathon stock then slid down to $26 in Presale on Jan 5 after some turbulence.
