Bitcoin miner Marathon Digital Holdings has achieved a new production record, mining 1,853 Bitcoin in December 2023, marking a 56% increase from November and a remarkable 290% increase from December 2022. The Florida-based firm claims that this is the highest monthly total ever recorded by a public Bitcoin mining company, surpassing Core Scientific’s previous claim of mining 1,527 BTC in January 2023 by more than 300 BTC.
Marathon’s chairman and CEO, Fried Thiel, attributed the record-setting monthly production to an 18.4% monthly increase in hash rate, reaching 22.4 exahashes per second. The company recently announced plans to acquire two mining centers for $179 million, adding 390 megawatts of mining capacity to its existing 584-megawatt output.
Thiel stated that Marathon aims for a 30% growth in energized hash rate in 2024 and, with the acquisition of the two sites, expects to reach 50 exahashes in the next 18 to 24 months. On December 28, Marathon briefly became the most-traded public company among mid and large-cap firms on the U.S. stock market, with a staggering $3.3 billion daily trading volume, surpassing notable companies like Tesla, Apple, and Amazon.
This performance comes amid a broader push from Bitcoin mining firms to expand operations in anticipation of a potential approval of a spot Bitcoin exchange-traded fund (ETF) as early as January 8 and the Bitcoin halving scheduled for April. Competitor mining firm Riot Platforms also made significant strides by acquiring $291 million worth of Bitcoin mining rigs on December 5, marking the largest increase in the hash rate in the company’s history.
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