January 10, 2024

Marathon's 2023 Bitcoin Production Surges Past $563 Million, Marking Triple the Output of 2022

Marathon aims for a 30% boost in its hashrate in 2024.

In a groundbreaking achievement, Marathon Digital Holdings recorded its highest monthly Bitcoin mining output, successfully mining 1,853 BTC in December.

A recent update from Marathon revealed that the company mined a total of 12,852 BTC in the previous year, valued at over $563.4 million. This output more than tripled its 2022 mining production of 4,144 BTC. The Bitcoin miner also experienced a consistent monthly increase of 18% in its average operational hashrate, reaching an impressive 22.4 EH/s.

Fred Thiel, Marathon’s Chairman and CEO, shared that the company elevated its energized hashrate by 4% to 24.7 exahashes. This accomplishment solidified Marathon's position as the largest publicly traded Bitcoin miner in North America.

The press release highlighted the pivotal role of significant transaction fees in propelling December's bitcoin production beyond the typical growth rate of the average operational hashrate. MaraPool, under Marathon's ownership and management, gathered over 380 BTC in transaction fees during the month, constituting 22% of the asset’s production. This marked a substantial increase from the 12% recorded the previous month.

The ability to secure substantial transaction fees stands as a crucial competitive advantage for Marathon, stemming from its vertically integrated tech stack.

Thiel announced the pending acquisition of sites in Granbury (Texas) and Kearney (Nebraska) scheduled to close in January 2024. He anticipates that this acquisition will enhance Marathon's cost structure and boost near-term growth potential. Thiel aims for a 30% growth in the energized hashrate throughout 2024, emphasizing the strategic acquisition of two sites from Generate Capital. This move positions Marathon to achieve a milestone, projecting a hashrate of 50 exahashes within the next 18 to 24 months.

Apart from the United States, Marathon is expanding its focus to Abu Dhabi, boasting 2.7 exahashes online. This includes over 13,000 operational rigs at the company’s larger facility in Masdar City, with an additional 4.4 exahashes expected to be operational by January 2024.

Marathon's collaboration in Paraguay has also progressed, achieving 0.3 exahash with 2,110 miners currently in operation. The complete deployment of 1.1 exahashes is anticipated to be achieved by early Q2 2024.

Notably, Marathon had previously launched a 27-megawatt Bitcoin mining project powered by renewable hydro energy near Paraguay’s Itaipu Dam.

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