Marathon Digital Holdings achieved its highest-ever monthly Bitcoin mining production by successfully mining 1,853 BTC in December.
In an update this week, Marathon said it mined 12,852 BTC, worth more than $563.4 million, last year, exceeding its mining production of 4,144 BTC in 2018 by more than three times. 2022. The Bitcoin miner also increased its average operational hash rate by 18% each month, reaching 22.4 EH/s.
Increase in Bitcoin production
Marathon CEO Fred Thiel revealed that the company increased its boosted hash rate by 4% to 24.7 exahashes and extended its lead as the largest publicly traded bitcoin miner in North America .
According to Press release, significant transaction fees played a crucial role in accelerating Bitcoin production in December, surpassing the typical growth rate of the average operational hash rate. During the month, MaraPool raked in over 380 BTC in transaction fees, representing 22% of the asset’s production, a notable increase from 12% recorded the previous month.
The ability to earn substantial transaction fees, through owning and managing its pool, is a key competitive advantage arising from its vertically integrated technology stack.
“The recently announced acquisition of the Granbury, TX and Kearney, NE locations, which is expected to be completed in January 2024, is expected to improve our cost structure and increase our near-term growth potential. This transaction is expected to be finalized in mid-January and with new miners already on order, we hope to be able to fill available capacity quickly. We look forward to sharing more details on the integration strategy and financial impact once the transaction closes.
The executive said he is targeting 30% live hash rate growth throughout 2024, while highlighting the strategic acquisition of two sites from Generate Capital. Thiel also highlighted that this acquisition takes Marathon a significant step forward, projecting a hash rate of 50 exahashes over the next 18-24 months.
Besides the United States, Marathon is focusing on Abu Dhabi, where it now has 2.7 exahashes online. This includes more than 13,000 operational rigs at the company’s largest facility in Masdar City, with the remaining 4.4 exahashes expected to be operational by January 2024.
Progress of Paraguayan expansion
Marathon’s recent collaboration in Paraguay has also progressed, reaching 0.3 exahash with 2,110 miners currently active. Full deployment of exahashes 1.1 is still expected to be completed by the start of Q2 2024.
The company previously launched a 27-megawatt Bitcoin mining project powered by renewable hydroelectric energy near the Itaipu Dam in Paraguay.
Binance Free $100 (Exclusive): Use this link to sign up and receive $100 free and 10% off fees on Binance Futures for the first month (terms).