Marathon Digital Holdings
Marathon Digital improves hash rate by 15%, mined 890 BTC in December
Marathon Digital Holdings reports December 2024 Bitcoin production and mining metrics, showing continued operational progress.
Marathon Digital Holdings reported a 15% increase in its energized hash rate to 53.2 exahashes per second, exceeding its year-end target of 50 EH/s. However, Bitcoin (BTC) production fell slightly, down 2% from November to 890 BTC, which MARA attributed to “luck” variations in mining, per CEO Fred Thiel.
Hash rate is a critical measure of a miner’s computational power and is essential for securing the Bitcoin network and validating transactions. MARA’s increased hash rate reflects its expanding operations, positioning the company as a more competitive player in the mining sector.
Analysts at H.C. Wainwright predicted in a Jan. 2 note that Bitcoin mining companies like Marathon will outperform their competitors in 2025.
Total yearly stats
For 2024, MARA mined 9,457 BTC and purchased an additional 22,065 BTC at an average price of $87,205 per coin. This brought the company’s total Bitcoin holdings to 44,893 BTC.
As of year-end, this stash is valued at $4.2 billion, based on a Bitcoin spot price of $93,354. Additionally, MARA loaned 7,377 BTC to third parties, generating extra income.
MARA operates a hybrid model of mining and purchasing Bitcoin. Mining involves solving complex computational puzzles to earn BTC directly, while purchasing Bitcoin during price dips allows the company to optimize acquisition costs and maintain operational flexibility.
CEO Fred Thiel emphasized MARA’s efficiency improvements, noting the company’s ability to produce BTC at a lower cost than the spot market price.
The company also highlighted the growth of its proprietary MARAPool, which saw a 168% increase in hash rate in 2024, significantly outpacing the overall Bitcoin network’s 49% growth.
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The second-largest publicly traded corporate bitcoin holder, MARA Holdings (MARA), has announced the completion of the acquisition of a wind farm in Texas, adding 114 megawatts of nameplate wind capacity and 240 megawatts of interconnection capacity to its operations.
The Florida-based company plans to use the wind farm to power bitcoin mining operations using last-generation ASIC mining hardware “that would have otherwise been written off or sold into the secondary market.”
MARA noted that repurposing the machines and leveraging renewable energy will reduce bitcoin mining products costs while using wind power that might have otherwise gone unused.
“With this added renewable energy asset, MARA now owns and operates 136 megawatts of generating capacity,” CEO Fred Thiel said in an announcement.
MARA is the second-largest publicly traded corporate bitcoin holder, with 45,659 BTC on its balance sheet.
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Publicly-traded Bitcoin mining company Marathon Digital Holdings has announced the mining of a “Trump 47” block to honor Donald Trump as the first “Bitcoin president” of the United States.
MARA said in a statement on Jan. 17 that the visual marker now lives on the Bitcoin (BTC) blockchain, with this coming just days to the president-elect Donald Trump’s inauguration on Jan. 20.
In addition to embedding an AI-generated image of Trump in the block, MARA also included the Bill of Rights and the U.S. Constitution. This move permanently preserves these images on the Bitcoin network, the BTC miner noted.
Fred Thiel, chairman and chief executive officer of MARA confirmed the mining of the “Trump 47” block via X.
Marathon Digital used its proprietary mining pool to mine the historic block, a move aligned with Trump’s vision of U.S. leadership in the Bitcoin mining sector.
“By owning our own mining pool, we contribute to American blockspace, reaffirming the USA’s leadership in the frontier of Bitcoin development,” the firm wrote.
Trump’s pro-crypto stance picked momentum ahead of the 2024 U.S. election, with the then Republican nominee attending the Bitcoin 2024 Conference. He also met with Bitcoin mining companies in the U.S. and since his victory, has struck a continued crypto-friendly outlook.
It includes in the decisions to nominate pro-crypto individuals to key government agencies such as the U.S Securities and Exchange Commission. Trump team’s pick for SEC chair is Paul Atkins, who could oversee planned crypto overhaul. Meanwhile, former PayPal exec David Sacks is set to head White House’ “crypto czar” position.
Trump also pledged to support a strategic Bitcoin reserve, with Marathon Digital authoring an open letter urging the U.S. to make this a reality.
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