Marathon Digital Holdings has made a significant mark in the cryptocurrency mining industry, setting a new record by mining 1,853 Bitcoin in December 2023. This achievement not only surpasses the company’s previous records but also sets a new high in the entire Bitcoin mining sector.
The Florida-based company’s output in December represented a 56% increase over its November performance and a staggering 290% increase compared to the same month the previous year. This record-breaking feat is believed to be the highest monthly total ever recorded by a public Bitcoin mining company, surpassing the previous record of 1,527 BTC set by Core Scientific in January 2023.
Marathon’s president and CEO, Fried Thiel, attributes this record-breaking performance to an 18.4% increase in hash rate, reaching an impressive 22.4 exahashes per second. The company’s ambitions extend beyond this achievement, with a significant investment of $179 million announced on December 19 for the acquisition of two mining centers. This investment will add 390 megawatts to Marathon’s already substantial 584 megawatt capacity.
Thiel has a clear vision for the future of Marathon, aiming for a 30% growth in energized hash rate by 2024. With the recent acquisitions, the company is on track to reach 50 exahashes in the next 18 to 24 months. This ambitious strategy reflects Thiel’s unwavering faith in the company’s growth potential.
December 28 was a particularly memorable day for Marathon as it briefly became the most traded public company on the U.S. stock market, surpassing industry giants such as Tesla, Apple, and Amazon. With a daily trading volume of $3.3 billion, Marathon demonstrated its strength in the Bitcoin mining field and its prominence in the investment world.
Marathon’s extraordinary performance in December coincides with a period of significant expansion in the Bitcoin mining industry. This growth is partly driven by the expectation of a cash Bitcoin exchange-traded fund approval, which could happen as early as January 8. The Bitcoin community is also eagerly anticipating the next Bitcoin hash in April, an event that historically impacts the market significantly.
Marathon’s optimism is shared by other companies in the industry. On December 5, Riot Platforms, a direct competitor, made a massive investment in Bitcoin mining equipment, spending $291 million. This purchase, the largest in Riot Platforms’ history, reflects the growing confidence in the future of Bitcoin mining.
With expansion plans and a market that increasingly supports these efforts, Marathon and other similar companies are paving the way for a future where Bitcoin mining plays a crucial role in the financial world. Marathon Digital is not only setting records but also defining trends in cryptocurrency mining.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | very positive |
| Relevance Score | 1 |
| People | Fried Thiel |
| Companies | Core Scientific, Riot Platforms, Marathon Digital Holdings, Generate Capital |
| Currencies | Bitcoin |
| Securities | NASDAQ: MARA |
