In December 2023, Marathon Digital Holdings achieved a remarkable feat in the Bitcoin mining industry. The Florida-based company broke its own monthly record by mining an impressive total of 1,853 Bitcoins, marking a milestone in the history of cryptocurrency mining.
Historic Record in Bitcoin Mining
Marathon Digital Holdings not only broke its own record but also surpassed the previous record held by Core Scientific, which mined 1,527 BTC in January 2023. This remarkable performance represents a 56% increase on November and a 290% increase on December 2022.
Key Success Factors
Marathon President and CEO Fried Thiel attributes this success to a significant 18.4% increase in hashing power, reaching 22.4 exahashes per second. This increase in operational capacity played a crucial role in achieving this record.
Expansion and future prospects
On 19 December, Marathon announced the acquisition of two mining centres for $179 million, adding 390 megawatts to its already impressive production capacity of 584 megawatts. Thiel points out that the company is targeting 30% growth in its hash power in 2024, with a target of 50 exahashes in the following 18 to 24 months.
Impact on the Stock Market
On 28 December, Marathon briefly dominated the US stock market as the most-traded public company among mid- and large-cap companies. With a daily trading volume of $3.3 billion, the company overtook market giants such as Tesla, Apple and Amazon.
Competitive environment and outlook for the sector
Marathon's performance comes against a backdrop of increased activity by Bitcoin mining companies, particularly ahead of the expected approval of a Bitcoin cash exchange-traded fund in early January and the halving of the Bitcoin mining reward in April. Meanwhile, on 5 December, Riot Platforms, a direct competitor, acquired $291 million worth of Bitcoin mining equipment, marking the largest increase in hashing power in the company's history.
Conclusion
Marathon Digital's spectacular success in December 2023 not only underlines its dominant position in the Bitcoin mining industry but also heralds a promising 2024 for the sector. With strategic investments and exponential growth, Marathon and its competitors are well on their way to redefining the boundaries of Bitcoin mining and its impact on the digital economy.
