Marathon Digital Holdings Makes Record with Highest Monthly Bitcoin Production
Summary:
Marathon Digital Holdings, a Bitcoin mining firm, broke a monthly production record by mining 1,853 Bitcoin in December, up 56% from November and 290% from the previous year, making it the highest monthly total for any public Bitcoin mining company. This milestone was achieved due to an 18.4% increase in hash rate. The company also plans to buy two mining centers to enhance its mining capacity, targeting a 30% growth in energized hash rate in 2024. Marathon briefly became the most-traded company on the U.S. stock market on December 28, amid a push from Bitcoin mining firms to grow operations.
In a historic achievement, Bitcoin miner Marathon Digital Holdings has set a new monthly production record, producing more Bitcoin (BTC) in December than in any other month. The renowned company, based in Florida, released a statement on January 4th, revealing its achievement of mining 1,853 Bitcoin in December. This accomplishment marks a significant increase of 56% compared to that of November and a remarkable rise of 290% compared to the same period in the previous year. The company has stakes its claim as the record holder for the highest monthly total ever achieved by a public Bitcoin mining company. Earlier, Core Scientific had declared it holds the record, after producing 1,527 BTC in January 2023. However, Marathon’s recent statistics surpass this by over 300 BTC. Fried Thiel, CEO and Chairman of Marathon, attributed this outstanding monthly production record to an 18.4% increase in hash rate to 22.4 exahashes per second within the month. On December 19, the company disclosed plans to acquire two mining centres for $179 million, potentially adding an extra 390 megawatts to its current 584-megawatt capacity. Thiel has forecasted a 30% growth in the energized hash rate for 2024, and with the impending acquisition of the additional sites from Generate Capital, he predicts reaching 50 exahashes within the next year and a half to two years. On December 28, Marathon briefly led the market as the most heavily traded public company among mid and large-cap firms on the U.S. stock market, recording an astonishing $3.3 billion in daily trading volume. This surpassed well-established giants, such as Tesla, Apple, and Amazon for that specific day. Marathon's December accomplishments come amidst a fresh wave from Bitcoin mining companies to increase their operations, especially in anticipation of a potential approval for a spot Bitcoin ETF as soon as next week and the upcoming Bitcoin halving in April. Additionally, on December 5, rival mining company Riot Platforms procured an extra $291 million in Bitcoin mining rigs, marking the most significant rise in the hash rate in the company's history.
Published At
1/5/2024 7:56:06 AM
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