Marathon Digital boosts hash rate by 15%, mining 890 BTC in December

Marathon Digital Holdings reported a 15% increase in its energized hash rate for December 2024, reaching 53.2 exahashes per second (EH/s), surpassing its target of 50 EH/s by year-end. However, Bitcoin production slightly declined by 2% compared to November, with the company mining 890 BTC. This decrease was attributed to “luck” variations in mining, according to CEO Fred Thiel.

The hash rate is a key measure of a miner’s computational power, and Marathon’s boost in hash rate reflects its growing operational capacity, positioning the company as a stronger competitor in the Bitcoin mining sector.

For the entire year of 2024, Marathon mined a total of 9,457 BTC and purchased an additional 22,065 BTC at an average price of $87,205 per coin, bringing its total Bitcoin holdings to 44,893 BTC. These holdings were valued at approximately $4.2 billion by year-end, based on a Bitcoin price of $93,354. Additionally, Marathon loaned 7,377 BTC to third parties, generating additional income.

Marathon follows a hybrid mining model, combining direct mining with strategic Bitcoin purchases during price dips to optimize acquisition costs and maintain operational flexibility. CEO Fred Thiel emphasized the company’s ability to produce Bitcoin at a lower cost than the current spot market price, highlighting efficiency improvements.

The company also saw notable growth in its proprietary MARAPool, which experienced a 168% increase in hash rate in 2024, far outpacing the 49% growth in the overall Bitcoin network.

Analysts at H.C. Wainwright projected that Bitcoin mining companies like Marathon will outperform their competitors in 2025, further underscoring the company’s strong performance and growth potential.