Bitcoin Mining Boom: Marathon Digital’s Historic 1,853 BTC Monthly Record
Marathon Digital Holdings (MARA) stock rallied by over 12% on Thursday as the company announced mining over 1,853 Bitcoin (BTC).
To prepare for the upcoming Bitcoin halvings, the mining firms are increasing their capacity to mine a maximum number of BTC.
Marathon Digital Sold 38% of BTC Mined in December
The company shared its unaudited Bitcoin production report on Thursday, highlighting the record of mining 1,853 Bitcoins in December. Additionally, in 2023, the company mined 12,852 BTC. Fred Thiel, the CEO of Marathon Digital, said:
“Hash rate growth and continued efficiency gains helped grow average operational hash rate* by 18% to 21.9 exahashes or 22.4 exahashes including our share of the joint ventures. This helped drive record bitcoin production as Marathon mined 1,853 BTC in December, up 56% from November, and 290% year-over-year. We believe this to be the highest monthly total ever recorded by a public bitcoin mining company.”
Read more: Liquid Bitcoin Hashrate Protocol: A Guide to Mining Bitcoin With NFTs
While the company mined 1,853 BTC in December 2023, it sold 704 BTC, which is 38% of monthly production. Marathon Digital said it sold Bitcoin to cover operational expenses.
The trend is seen across the entire mining industry since Bitcoin started to rally in the last quarter of 2023. The screenshot below shows that the miners’ net position has continuously declined since early November.
Nonetheless, the company declared that as of December 31, 2023, it holds 15,174 Bitcoin.
On Thursday, the price of MARA stock closed at $26.88, up by over 12% from Wednesday’s closing price. On Friday’s pre-market, the stock is trading at $25.52.
Read more: How To Build a Mining Rig: A Step-by-Step Guide
Do you have anything to say about Marathon Digital’s Bitcoin record or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok , Facebook , or X (Twitter).
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here .
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions , Privacy Policy , and Disclaimers have been updated.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
1inch reveals new cross-chain swap feature
Bitget announcement: Removal of VGXUSDT trading pairs from Futures Trading Bots
Bitget Futures Trading Bots will remove the following pairs on September 26, 2024, 15:00 (UTC+8) to provide a better user trading experience: VGXUSDT Notes: Users should close the relevant orders in advance if they hold strategy orders in these trading pairs. The release and purchase features of th
Bitcoin stagnation hints at potential volatility as demand decreases
Peter Schiff warns Fed’s rate cut will lead to economic collapse
Trending news
MoreCrypto prices
More
