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Updated January 5th, 2024 at 12:59 IST

Marathon mines record 1,853 Bitcoins in December

Marathon's performance aligns with an industry-wide trend, as Bitcoin mining firms intensify their expansion efforts in anticipation of potential developments.

Business Desk
Bitcoin
Bitcoin | Image:Unsplash
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Record Bitcoin mining: Marathon Digital Holdings, headquartered in Florida, has set a new benchmark in Bitcoin production, mining 1,853 Bitcoin in December. This marks a notable increase, with a 56 per cent surge compared to November and a substantial 290 per cent uptick from December of the previous year. The company asserts that this achievement represents the highest monthly production ever recorded by a publicly traded Bitcoin mining entity, eclipsing Core Scientific's earlier claim of 1,527 BTC mined in January 2023 by over 300 BTC.

Fried Thiel, the Chairman and CEO of Marathon, attributed this record production to an 18.4 per cent monthly augmentation in hash rate, reaching 22.4 exahashes per second. Further consolidating its market position, Marathon recently unveiled plans to acquire two mining facilities for $179 million, augmenting its current 584-megawatt capacity by an additional 390 megawatts. 

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Thiel elaborated on the company's growth trajectory, stating, "We aim for a 30 per cent surge in energized hash rate throughout 2024. With our recent acquisition from Generate Capital, we anticipate scaling up to 50 exahashes within the forthcoming 18 to 24 months."

Bitcoin mining intensifies

Highlighting Marathon's market prominence, the firm briefly dominated trading activity among mid and large-cap companies on the US stock market on December 28th, with a daily trading volume of $3.3 billion. This feat momentarily surpassed trading volumes for renowned entities such as Tesla, Apple, and Amazon.

Marathon's performance aligns with an industry-wide trend, as Bitcoin mining firms intensify their expansion efforts in anticipation of potential developments, including the prospective approval of a spot Bitcoin exchange-traded fund (ETF) in the imminent future and the upcoming Bitcoin halving scheduled for April. 

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In a parallel move last month, rival mining company Riot Platforms procured an additional $291 million in Bitcoin mining equipment, registering its most significant hash rate increment to date.

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Published January 5th, 2024 at 12:49 IST

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