Marathon miner sets record for monthly mining volume with 1853 BTC

What’s new? In December, the Marathon Digital miner mined 1853 bitcoins, which was a record monthly total among publicly traded BTC mining companies. On a year-over-year basis, Marathon’s mining volume increased by 290%, up 56% from November. CEO and Chairman Fred Thiel attributed this result to the company’s strategic expansion and improved operational efficiency.

Press release

What else is known? According to Thiel, a key factor contributing to the record was an 18% increase in the average hashrate for the month, to 22,4 EH/s. For example, Marathon put an additional 8900 miners into operation in the Texas data center run by Applied Digital.

As a result, Marathon’s total volume of commissioned devices increased by 7% to 199 200 units. Collectively, the maximum throughput of these miners could, in theory, reach 24,7 EH/s.

This month, Marathon will close deals to buy two more mining farms in the US, and the company is also actively developing business in Abu Dhabi and Paraguay.

The launch of two data centers in Abu Dhabi was announced last May, with the project being implemented in partnership with blockchain infrastructure developer Zero Two. The first data center with a capacity of 200 MW is located in Masdar City. The second 50MW site is located in Mina Zayed, the emirate’s port district.

In November, Marathon announced the launch of a 27 MW facility in Paraguay, which will be powered by hydroelectricity.

Within a year, Marathon expects to increase the hashrate by 30% and reach the 50 EH/s mark in the next 18–24 months.

In addition, Marathon’s own mining pool, MaraPool, collected over 380 BTC in transaction fees in December, which is 22% of the total result. In November, the fee share was only 12%.

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As of the end of 2023, the company’s total cash and bitcoin holdings are valued at $1 billion. At the same time, Marathon regularly sells some bitcoin assets to cover operating expenses. In December, for example, it sold 704 BTC.

Marathon holds the first place in the ranking of public miners by bitcoin accumulation volume according to the CoinGecko aggregator. Its shares under the ticker MARA have grown by 651% over the year and are trading at $26,27 as of January 5.