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Marathon Mines Record-Breaking 12,852 Bitcoins in 2023, Announces Ambitious Growth Plans for 2024

Marathon, a leading player in the digital asset technology industry, has made headlines with its groundbreaking achievements in Bitcoin mining. The company reported an astounding mining of 1,853 Bitcoins solely in December 2023, marking a substantial leap from their 2022 record. With a total of 12,852 Bitcoins mined over the course of the year, Marathon has set a company record, largely attributed to the surge in transaction fees on the Bitcoin network.

Fred Thiel, Marathon’s Chairman and CEO, expressed the company’s strategy and future goals in light of their recent successes. Thiel mentioned, “We increased our energized hash rate to 24.7 exahashes, solidifying our position as the largest publicly traded bitcoin miner in North America.” He added, “We aim for a 30% growth in energized hash rate in 2024 and anticipate reaching 50 exahashes within the next 18 to 24 months, propelled by the acquisition of sites from Generate Capital.”

Marathon’s expansion ventures outside the US, particularly in Abu Dhabi and Paraguay, have been progressing steadily. The company’s operations in Abu Dhabi are already yielding results with 2.7 exahashes online, and in Paraguay, a joint venture is gaining traction, already energizing 0.3 exahash with further plans to reach 1.1 exahashes online by early Q2 2024.

The company’s success in December can be attributed not just to hash rate growth but also to increased efficiency, resulting in an 18% rise in the average operational hash rate, reaching 21.9 exahashes or 22.4 exahashes, including their share in joint ventures. Moreover, Marathon’s MaraPool collected over 380 BTC in transaction fees, representing a significant 22% of the BTC production, showcasing their competitive edge as a vertically integrated tech company.

The acquisition of sites in Granbury, TX, and Kearney, NE, expected to close in January 2024, is poised to enhance Marathon’s cost structure and drive near-term growth, aligning with their vision of quick capacity utilization with new miners already on order.

The financial front reflects Marathon’s robust position, holding a total of 15,174 unrestricted Bitcoins as of December 31, 2023, alongside $356.8 million in cash and cash equivalents. They plan to leverage a portion of their Bitcoin holdings to cover operational expenses and pursue strategic opportunities, including industry consolidation.

Investors are cautioned about the risks involved, considering the volatility of the market and forward-looking statements that may be subject to unpredictability due to various factors. Marathon continues to reinforce its focus on supporting and securing the Bitcoin ecosystem, striving to establish itself as a sustainable and major force in Bitcoin mining in North America.

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