Bitcoin Mining Boom: Marathon Digital’s Historic 1,853 BTC Monthly Record

10 months ago 4

ARTICLE AD BOX

Marathon Digital Holdings (MARA) stock rallied by over 12% on Thursday as the company announced mining over 1,853 Bitcoin (BTC).

To prepare for the upcoming Bitcoin halvings, the mining firms are increasing their capacity to mine a maximum number of BTC.

Marathon Digital Sold 38% of BTC Mined in December

The company shared its unaudited Bitcoin production report on Thursday, highlighting the record of mining 1,853 Bitcoins in December. Additionally, in 2023, the company mined 12,852 BTC. Fred Thiel, the CEO of Marathon Digital, said:

“Hash rate growth and continued efficiency gains helped grow average operational hash rate* by 18% to 21.9 exahashes or 22.4 exahashes including our share of the joint ventures. This helped drive record bitcoin production as Marathon mined 1,853 BTC in December, up 56% from November, and 290% year-over-year. We believe this to be the highest monthly total ever recorded by a public bitcoin mining company.”

While the company mined 1,853 BTC in December 2023, it sold 704 BTC, which is 38% of monthly production. Marathon Digital said it sold Bitcoin to cover operational expenses.

The trend is seen across the entire mining industry since Bitcoin started to rally in the last quarter of 2023. The screenshot below shows that the miners’ net position has continuously declined since early November.

Nonetheless, the company declared that as of December 31, 2023, it holds 15,174 Bitcoin.

On Thursday, the price of MARA stock closed at $26.88, up by over 12% from Wednesday’s closing price. On Friday’s pre-market, the stock is trading at $25.52.

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For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.