In 2023, Marathon Digital Holdings hit a new high in its Bitcoin mining output, successfully mining 1,853 BTC in December alone. The company’s annual mining production reached 12,852 BTC, valued at over $563.4 million, marking a threefold increase from the 4,144 BTC mined in 2022.
Significant Increase in Operational Hash Rate
Marathon’s operational hash rate saw an average monthly increase of 18%, culminating in a rate of 22.4 EH/s. Fred Thiel, the company’s chairman and CEO, disclosed that they boosted their energized hash rate by 4% to 24.7 exahashes, solidifying their position as North America’s largest publicly traded Bitcoin miner.
Transaction fees played a significant role in the December Bitcoin production surge, outpacing the typical growth rate of the average operational hash rate. In fact, MaraPool, Marathon’s mining pool, accumulated over 380 BTC in transaction fees, which accounted for 22% of the month’s Bitcoin production. This marked a significant increase from the 12% recorded in the previous month.
Strategic Acquisitions and Growth Plans
Marathon announced the acquisition of sites in Granbury, TX and Kearney, NE, expected to close in January 2024. These acquisitions are projected to enhance the company’s cost structure and stimulate near-term growth. Thiel stated that they are targeting a 30% growth in energized hash rate throughout 2024. This acquisition strategy is expected to help Marathon reach a hash rate of 50 exahashes within the next 18 to 24 months.
Marathon is also expanding its operations outside the US, particularly in Abu Dhabi, where it now has 2.7 exahashes online. This includes more than 13,000 operational rigs at the company’s larger facility in Masdar City, with an additional 4.4 exahashes expected to be operational by January 2024.
Progress in Paraguay Expansion
Marathon’s recent venture in Paraguay has shown promising progress, with 2,110 miners currently in operation, producing 0.3 exahash. The full deployment of 1.1 exahashes is expected to be completed by early Q2 2024. The company had previously launched a 27-megawatt Bitcoin mining project powered by renewable hydro energy near Paraguay’s Itaipu Dam.
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