- Marathon Digital Holdings hit a record 1,853 Bitcoin mined in December 2023.
- Marathon’s hash rate increased to 22.4 EH/s, expanding capacity to 590 megawatts.
- Marathon’s trading volume peaked at $3.3 billion on December 28.
In December 2023, the mining operation conducted by Marathon Digital Holdings achieved a new monthly high in Bitcoin production.
In December, the company extracted 1,853 units of Bitcoin, marking an increase of 290% compared to the same month in the previous year, 2022, and a 56% growth relative to the preceding month, November. Additionally, the company views this record as the highest monthly production of Bitcoin ever reported by a publicly traded Bitcoin mining entity, as stated in a press release on January 4.
Notable Expansion
Additionally, Core Scientific reported that it mined a total of 1,527 BTC in January 2023, claiming it to be the highest monthly Bitcoin mining yield. However, the latest figures from Marathon indicate that they have mined approximately 300 BTC more than this amount. Furthermore, Marathon’s chairman and CEO, Fred Thiel, attributed their unprecedented monthly production to an increase in hash rate by 18.4 percent, which achieved a level of 22.4 exahashes per second.
Marathon has expanded its mining capacity from 584 megawatts to 590 megawatts following the purchase of two mining facilities for a sum of $179 million, as announced on December 19.
On December 28, for a brief period, Marathon became the publicly traded company with the highest trading volume among large and medium-sized companies on the U.S. stock market. That day, the company surpassed major market players, achieving a trading volume of $3.3 billion.
Additionally, considering the upcoming Bitcoin halving event in April and the expected sanctioning of a spot Bitcoin ETF potentially on January 8, Marathon’s performance in December corresponds with the intensified efforts by Bitcoin mining companies to scale up their activities.
On December 5, Riot Platforms, a competing mining company, achieved its all-time highest hash rate by purchasing additional Bitcoin mining machinery worth $291 million.
