Marathon Digital improves hash rate by 15%, mined 890 BTC in December

Marathon Digital Holdings reports December 2024 Bitcoin production and mining metrics, indicating continued operational progress.

Marathon Digital Holdings reported that its energized hash rate increased by 15% to 53.2 exahashes per second, exceeding its year-end target of 50 EH/s. However, Bitcoin (BTC) production decreased by 2% compared to November, falling to 890 BTC. MARA attributed this to “fortunate” changes in mining, according to CEO Fred Thiel.

MARA’s December 2024 #Bitcoin Production Update is here:

– Energized Hash Rate Increased by 15% to 53.2 EH/s
– 249 Blocks Won (890 BTC), Second Most Blocks Recorded in a Month
– MARAPool’s Hash Rate Increases by 168% in 2024, Surpassing the Network Growth of 49%
– Total BTC HODL: 44,893…

— MARA (@MARAHoldings) January 3, 2025

Hash rate is a critical measure of a miner’s computing power and is necessary to secure the Bitcoin network and verify transactions. MARA’s increasing hash rate reflects its expanding operations and positions the company as a more competitive player in the mining industry.

Analysts at HC Wainwright predicted in a statement on January 2 that Bitcoin mining companies such as Marathon will surpass their competitors in 2025.

Total annual statistics

In 2024, MARA mined 9,457 BTC and purchased an additional 22,065 BTC at an average price of $87,205 per coin. This brings the company’s total Bitcoin holdings to 44,893 BTC.

By the end of the year, this stash was worth $4.2 billion based on the Bitcoin spot price of $93,354. Additionally, MARA earned extra income by lending 7,377 BTC to third parties.

MARA operates a hybrid model of Bitcoin mining and purchasing. While mining involves solving complex computational puzzles to earn BTC directly, purchasing Bitcoin during price declines allows the company to optimize purchasing costs and maintain operational flexibility.

CEO Fred Thiel highlighted MARA’s efficiency improvements and noted the company’s ability to produce BTC at a lower cost than the spot market price.

The company also highlighted the growth of private MARAPool, which has recorded a 168% increase in hash rate in 2024, significantly outpacing the 49% growth of the overall Bitcoin network.