Marathon Bitcoin Production Surges Due to High Fees
In a Bitcoin production and mining operations update released yesterday, Marathon Digital Holdings announced that it produced a company-record 1,853 Bitcoins (worth $81.2 million at current prices) last month.
The company mined 12,852 Bitcoin (worth $563.4 million) last year, more than tripling from 4,144 BTC in 2022. Marathon also increased its average operational hash rate by 18% month over month to 22.4EH/s.
“In December, we increased our active hashrate by 4% to 24.7 exahash and extended our lead as the largest publicly traded Bitcoin miner in North America,” Fred Thiel, Marathon’s president and CEO, said in a press release. He said. “We continue to target 30% growth in active hashrate in 2024, and with the recent announcement of the acquisition of two sites by Generate Capital, which is expected to close in January 2024, we will achieve 50% growth in active hashrate in the next 18 to 24 months. We expect to reach 100 exahashes. .”
Marathon believes that the increase in production is directly attributable to the high transaction fees on the Bitcoin network. Marapool collected more than 380 BTC, or 22% of BTC production, in transaction fees, up from 12% of production last month, the company said.
Marathon holds over 15,000 Bitcoin as of December 31, 2023.
Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.
