In December 2023, the cryptocurrency world was surprised by an unprecedented achievement. Marathon Digital, a public company specializing in Bitcoin mining, set a new record by mining 1,853 BTC. This is the largest amount of Bitcoin mined by a single company in a month. This event not only sheds new light on the cryptocurrency industry but also highlights the growing efficiency and development of mining technologies.
Fred Thiel, CEO of Marathon Digital, emphasized that the record mining in December is proof of the company’s effective growth strategy and commitment to leading the Bitcoin mining industry. This achievement represents a significant year-on-year increase of 290% and a 56% increase compared to the previous month.
A key factor contributing to the record production was the increase in the company’s average operational hash power, which grew by 18% month-on-month, reaching 22.4 exahashes per second (EH/s). This growth was primarily driven by Marathon’s strategic expansion, including the launch of approximately 8,900 Bitcoin miners at the Applied Digital facility in Texas.
Marathon intends to continue focusing on growth and efficiency. The recent acquisition of sites in Texas and New England, expected to be completed in January 2024, is anticipated to improve the company’s cost structure and enhance its growth potential in the near future. Additionally, international expansions, such as advancements in Abu Dhabi and a new joint venture in Paraguay, have also been key to Marathon’s growth strategy.
Marathon’s success extends beyond its mining capabilities. The company’s innovative approach to collecting transaction fees has given it a competitive edge. In December, Marathon’s mining pool, MaraPool, collected over 380 BTC in transaction fees, accounting for 22% of their total Bitcoin production — a significant increase compared to 12% of production in the previous month.
Financially, Marathon is in a strong position, with total cash and Bitcoin assets valued at approximately $1.0 billion at the end of 2023. The strategic management of the company’s treasury, including the sale of some of its held Bitcoins to cover operational costs, has contributed to its strong financial position. In December 2023, Marathon sold 704 BTC, approximately 38% of its monthly production, to cover operational expenses.
Marathon Digital’s achievements in December 2023 not only mark a milestone in the history of Bitcoin mining but also signal the evolution and maturation of the entire cryptocurrency industry. Increases in efficiency, strategic planning, and an innovative approach to market challenges indicate the dynamic development of the sector and its potential impact on the future of digital finance.
Photo: twitter.com/MarathonDH
