Marathon Digital Holdings Shatters Bitcoin Mining Records in December 2023

Marathon Digital Holdings, a Bitcoin miner, surpassed all previous months in terms of output in December 2023, mining a record-breaking amount of Bitcoin.

The Florida-based company disclosed in a press release dated January 4 that it mined 1,853 Bitcoin in December, representing a 56% increase from November and a 290% increase from December 2022. The company claimed:

 “We believe this to be the highest monthly total ever recorded by a public Bitcoin mining company.”

Before this, Core Scientific asserted that it had mined the maximum number of monthly Bitcoins in January 2023, totaling 1,527 BTC. Recent Marathon statistics exceed that by over 300 BTC.

Fried Thiel, chairman and chief executive officer of Marathon, attributed the monthly production record to a hash rate increase of 18.4%, or 22.4 exahashes per second.

Marathon disclosed its intentions to acquire two mining centers for $179 million on December 19. This transaction will increase its mining capacity by 390 megawatts, bringing its total output to 584 megawatts.

“Our energized hash rate growth objective remains at 30% through 2024,” Thiel continued. “With acquiring two sites from Generate Capital, which was recently disclosed, we anticipate reaching 50 exahashes within the next 18 to 24 months.”

Marathon momentarily dominated the charts on December 28 as the most-traded public company on the United States stock market among mid-cap and large-cap firms.

The organization experienced an extraordinary daily trading volume of $3.3 billion, surpassing market darlings such as Apple, Tesla, and Amazon for the day.

Marathon’s December performance coincides with a renewed drive by Bitcoin mining firms to expand operations in anticipation of the April halving and the possible approval of a spot Bitcoin exchange-traded fund as early as January 8.

Riot Platforms, a competitor mining firm, acquired an additional $291 million worth of Bitcoin mining rigs on December 5. This represents the firm’s most significant increase in hash rate to date.