Marathon's bitcoin production growth surges, bolstered by higher transaction fees
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Quick Take
- Marathon mined a company-record of 1,853 bitcoins in December and 12,852 bitcoins in 2023.
- The company also increased its average operational hash rate 18% month-over-month to 22.4 EH/s.
- It attributes its production growth directly to higher transaction fees on the Bitcoin network.
In a bitcoin production and mining operation update published yesterday, Marathon Digital Holdings announced that it produced a company-record 1,853 bitcoins ($81.2 million at current prices) last month. The firm mined 12,852 bitcoins ($563.4 million) last year, more than tripling its mining output from 4,144 BTC in 2022. Marathon also increased its average operational hash rate by 18% month-over-month to 22.4 EH/s. “In December, we increased our energized hash rate 4% to 24.7 exahashes and extended our lead as the largest publicly traded bitcoin miner in North America,” Marathon’s chairman and CEO, Fred Thiel, said in a press release. “We continue to target 30% growth in energized hash rate in 2024 and with the recently announced acquisition of the two sites from Generate Capital, which is expected to close in January 2024, we expect to reach 50 exahashes in the next 18 to 24 months." Marathon attributes its production growth directly to higher transaction fees on the Bitcoin network. "MaraPool collected more than 380 BTC in transaction fees or 22% of BTC production, up from 12% of production last month," the company noted. Marathon holds over 15,000 bitcoins as of Dec. 31, 2023. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Adam is the managing editor for Europe, the Middle East and Africa. He is based in central Europe and was a managing editor and podcast host at the crypto exchange OKX's former research arm, OKX Insights. Before that, he co-founded BeInCrypto.com, which he elevated into one of the leading crypto media brands at its peak as the editor-in-chief. Earlier, he served as the editor-in-chief at Bitcoinist.com. Before joining the blockchain and crypto industry, he worked for Looper.com, Grunge.com and SVG.com. He tweets via @XBT002 and can be emailed at [email protected].
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