June 24, 2024
Marathon's Milestone: Record-Breaking Bitcoin Mining
Bitcoin News

Marathon Digital Smashes Records with 1,853 Bitcoin Mined in December

Marathon Digital Holdings, a Bitcoin miner, achieved a new production milestone in December 2023 by mining more Bitcoin than in any previous month. According to a press release on Jan. 4, the Florida-based company reported mining 1,853 bitcoins in December. This marked a 56% increase from November and a whopping 290% surge compared to December 2022. The company proudly claimed this achievement, stating it’s “the highest monthly total ever recorded by a public Bitcoin mining company.”

The company surpassed the previous record claimed by Core Scientific in January 2023, which had produced 1,527 BTC. Marathon’s recent figures exceeded this by more than 300 BTC. Marathon’s chairman and CEO, Fried Thiel, attributed this record-setting production to an 18.4% monthly increase in hash rate, reaching 22.4 exahashes per second. This surge followed their announcement on Dec. 19 to acquire two mining centers for $179 million, adding 390 megawatts of mining capacity to their existing 584-megawatt output.

Thiel stated, “We continue to target 30% growth in the energized hash rate in 2024, and with the recently announced acquisition, we expect to reach 50 exahashes in the next 18 to 24 months.” Furthermore, on Dec. 28, Marathon briefly became the most-traded public company among mid- and large-cap firms on the US stock market. The company witnessed an astounding $3.3 billion in daily trading volume, surpassing renowned market players like Tesla, Apple, and Amazon on that day.

Marathon’s exceptional performance in December coincides with a renewed effort among Bitcoin mining firms to expand operations ahead of the anticipated approval of a spot Bitcoin exchange-traded fund (ETF) by Jan. 8 and the Bitcoin halving scheduled for April. In a similar move on Dec. 5, competitor mining firm Riot Platforms acquired an additional $291 million worth of Bitcoin mining rigs, marking the largest surge in the hash rate in the company’s history.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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