Marathon Digital Sets New Record, Mining 1,853 Bitcoins in December

Crypto News- In December 2023, Marathon Digital Holdings, a leading Bitcoin mining company based in sunny Florida, achieved a monumental feat by breaking its own production records, mining an impressive 1,853 Bitcoin (BTC). This milestone marked a staggering 56% increase from the previous month and an astonishing 290% surge compared to the same period in 2022.

Notably, Marathon proudly declared that this achievement set a new standard as the highest monthly total ever recorded by any public Bitcoin mining company. This remarkable feat outshone the January 2023 claim by Core Scientific, who mined 1,527 BTC, leaving them in the dust by more than 300 BTC.

Marathon Digital Sets New Record, Mining 1,853 Bitcoins in December

Fried Thiel, the visionary Chairman and CEO of Marathon, attributed this exceptional monthly production to an 18.4% increase in hash rate, soaring to an impressive 22.4 exahashes per second. Marathon’s strategic move to acquire two mining centers for a hefty $179 million on December 19 is expected to play a pivotal role, adding a substantial 390 megawatts to their existing 584-megawatt output.

Thiel enthusiastically shared the company’s ambitious growth plans, setting their sights on a 30% increase in energized hash rate throughout 2024. With the recent acquisition of the two mining sites from Generate Capital, Marathon envisions reaching an awe-inspiring 50 exahashes within the next 18 to 24 months.

Marathon Digital Breaks Records: Big Wins in Bitcoin Mining and Stock Market

Marathon’s triumph extended beyond the mining realm, as on December 28, it briefly claimed the title of the most-traded public company among mid and large-cap firms on the U.S. stock market. With an astonishing $3.3 billion in daily trading volume, Marathon surpassed market giants such as Tesla, Apple, and Amazon, making headlines and turning heads.

This exceptional performance by Marathon aligns seamlessly with the broader trend in the Bitcoin mining industry. Companies, anticipating the approval of a spot Bitcoin exchange-traded fund (ETF) as early as January 8 and gearing up for the Bitcoin halving in April, are fervently expanding their operations.

In a parallel move on December 5, competitor Riot Platforms made waves by investing a substantial $291 million in additional Bitcoin mining rigs. This move marked the largest increase in the firm’s hash rate in its history, showcasing the dynamic and competitive landscape as companies navigate the evolving regulatory environment and capitalize on the growing market opportunities in Bitcoin mining.