Marathon Digital Mines Record-Breaking 1,853 BTC

Bitcoin mining company Marathon Digital Holdings hit a new record, mining more Bitcoin in December 2023 than any previous month, Cointelegraph reported.

On January 4, the Florida-based miner announced they had produced 1,853 Bitcoin in the final month of 2023, which was up 56% from the previous month and 290% year-on-year. According to Marathon, this was the highest monthly total a publicly listed Bitcoin miner ever recorded.

Core Scientific takes second position, claiming to have produced 1,527 Bitcoin in January this year. This is more than 300 fewer Bitcoin than Marathon’s recent record.

Hash rate increased by 18.4%

According to Fried Thiel, chair and CEO of Marathon Digital, a significant increase in the hash rate accounts for the record-setting production. The rate rose by 18.4% to 22.4 exahashes per second in December.

A top performer in 2023

Despite the prevailing bear market of 2023, Marathon was an excellent performer in the third quarter of the year as well. Bankless Times reported that its revenue had increased by the impressive $670% year-on-year against the backdrop of almost fivefold growth in Bitcoin production.

On December 19, the Bitcoin miner’s stock price crossed an important resistance level, jumping to a high of $20.08. That same day, they announced plans to buy two new mining sites for $179 million.

Thiel added that the company targeted 30% growth in energized hash rate this year and expected to reach 50 exahashes in the next two years after acquiring the two centers.

Bitcoin miners push to grow operations

Marathon’s stellar performance comes amid a push from Bitcoin miners to grow their operations ahead of the Bitcoin halving in April and the anticipated approval of a spot Bitcoin ETF this month.

Bitcoin miner Riot Platforms acquired new rigs worth $291 million in December, marking the most significant increase in the history of the company’s hash rate.