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The prominent mining company Marathon Digital Holdings has broken its mining record. Its mining venture in December 2023 yielded more coins, setting a new monthly high. Surprisingly, the mining firm mined a staggering 1,853 BTC tokens in December.
Marathon Breaks A New Monthly Bitcoin Mining Record In December
The Florida-based company disclosed its recent mining accomplishment through a press release on January 4. According to its statement, the firm mined 1,853 Bitcoin last December, a 56% increase from its mining record in November 2023.
Also, it showed a 290% rise on a year-over-year (YoY) basis.
Marathon stated:
We believe this to be the highest monthly total ever recorded by a public Bitcoin mining company.
Marathon Digital Holdings’ December 2023 #Bitcoin Production Update is here:
– Record BTC Production of 1,853 BTC in December and 12,852 in 2023
– Increased Average Operational Hash Rate 18% M/M to 22.4 EH/s
– BTC Holdings Now Over 15,000, Total Cash & BTC of $1.0B as of…— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) January 4, 2024
Before now, Core Scientific reported that it mined the biggest monthly Bitcoin in January 2023, producing 1,527 BTC. However, Marathon’s latest mining record exceeds the figure by over 300 BTC tokens.
Reacting to the new achievement, Marathon CEO and Chairman Fried Thiel cited a spike in hash rate as a contributor to their new monthly BTC production. Notably, the mining hash rate surged to 22.4 exahashes per second, representing an 18.4% monthly rise.
By the end of December 2023, Marathon held a total of 15,174 unrestricted BTC. Also, its cash and cash equivalent holding amount to $356.8 million. The firm intends to sell 704 BTC, accounting for about 38% of monthly Bitcoin production, to cover its operational expenses.
Marathon’s Journey To Its New Mining Feat
The mining firm expanded its operations to reach its new position and feat by the end of 2023. On December 19, the company disclosed plans to buy two mining sites for $179 million.
The acquisition is expected to scale up the existing mining capacity of 584 megawatts with an additional 390 megawatts.
Further, Marathon revealed that they are targeting a 30% growth in mining hash rate in 2024. Moreover, purchasing the two centers from Generate Capital will push its capacity to 50 exahashes in the coming 18 to 24 months.
Besides its mining feats, Marathon has proven its stance in the stock market.
On December 28, it recorded a whopping $3.3 billion daily trading volume, surpassing blue-chip giants like Tesla, Amazon, and Apple. Surprisingly, Marathon emerged at the top of the charts as the most-traded public company among large and mid-cap entities within the US stock market.
Marathon’s outstanding performances in December come as several Bitcoin mining companies strive to ramp up production ahead of the anticipated spot BTC ETFs approval this January and the upcoming Bitcoin halving in April.
Another mining company, Riot Platforms, purchased more Bitcoin mining rigs worth $291 million on December 5.
Through the acquisition, Riot marked the largest rise in hash rate in its history. Notably, the US Securities and Exchange Commission (SEC) has several applications to issue spot Bitcoin ETFs.
The analysts anticipate that the SEC approval will start arriving later this month, and this feat is expected to drive up Bitcoin price to higher levels.