Marathon Digital Holdings Reports December 2024 Bitcoin Production and Mining Metrics

Marathon Digital Holdings has released its December 2024 Bitcoin production and mining metrics, showcasing continued operational progress. The company reported a 15% increase in its energized hash rate to 53.2 exahashes per second, exceeding its year-end target of 50 EH/s.

Bitcoin Production and Operational Progress

However, Bitcoin production fell slightly, down 2% from November to 890 BTC. According to CEO Fred Thiel, this decrease can be attributed to “luck” variations in mining.

Some key highlights from MARA’s December 2024 Bitcoin Production Update include:

  • Energized Hash Rate Increased 15% to 53.2 EH/s
  • 249 Blocks Won (890 BTC), the Second Most Blocks in a Month on Record
  • MARAPool’s Hash Rate Grew 168% in 2024, Outpacing Network Growth of 49%
  • Total BTC HODL: 44,893

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.

Total Yearly Stats and Financial Performance

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.

Investment Strategy and Operational Efficiency

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. He stated,

“We are proud of our operational progress and look forward to continuing to optimize our operations in 2025.”

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.

Analysts at H.C. Wainwright predicted that Bitcoin mining companies like Marathon will outperform their competitors in 2025. This prediction is based on the company’s expanding operations and increasing hash rate.

For more Bitcoin and cryptocurrency news, visit Global Crypto News.

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