Bitcoin mining company Marathon Digital has achieved a significant milestone by mining the highest amount of Bitcoin in a single month. In a press release on January 4, Marathon Digital announced that it successfully mined 1,853 Bitcoin during December. This represents a 56% increase from the previous month and a staggering 290% increase compared to the same period the previous year.
This remarkable accomplishment surpasses the previous record set by Core Scientific, which mined 1,527 BTC in January 2023. Marathon Digital’s December figures exceed that by more than 300 BTC, solidifying its position as a leading player in the Bitcoin mining space.
Chairman and CEO’s Insights
“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,” said Fried Thiel, the Chairman and CEO of Marathon Digital Holdings.
Thiel attributes the record-setting monthly production to an impressive 18.4% increase in hash rate, reaching an impressive 22.4 exahashes per second.
Expansion Plans and Market Impact
To further expand its mining operations, Marathon recently announced plans to acquire two mining centers for $179 million. This strategic move will add an additional 390 megawatts of mining capacity to Marathon’s existing output of 584 megawatts. Thiel states that the company aims to achieve a 30% increase in energized hash rate throughout 2024.
The impressive performance of Marathon Digital Holdings in December also caught the attention of the stock market. On December 28, the company briefly became the most-traded public company among mid and large-cap firms in the U.S. stock market. With a staggering daily trading volume of $3.3 billion, Marathon outperformed renowned blue-chip companies such as Tesla, Apple, and Amazon.
This strong December performance aligns with the broader trend of Bitcoin mining companies expanding their operations in anticipation of the potential approval of a spot Bitcoin exchange-traded fund (ETF) and the upcoming Bitcoin halving in April.
Industry-wide Expansion
Riot Platforms, a competitor mining firm, recently made a significant investment of $291 million to acquire additional Bitcoin mining rigs. This marked the largest increase in hash rate in the company’s history. Cipher Mining, another crypto mining firm, also expanded its mining capabilities by acquiring 16,700 new mining rigs in preparation for the Bitcoin halving event in April.
Tether, a prominent player in the cryptocurrency industry, has also ramped up its investment in the Bitcoin mining industry. The company plans to invest approximately $500 million over the next six months, further indicating the industry’s growth and potential.
