Bitcoin mining company Marathon Digital has set a new production record by mining the highest amount of Bitcoin in a single month.
In a press release on January 4, the Florida-based firm announced that it successfully mined 1,853 Bitcoin during December, marking a 56% increase from the previous month and a 290% increase compared to the same period the previous year.
This accomplishment surpasses the previous record set by Core Scientific, which mined 1,527 BTC in January 2023.
Marathon’s December figures surpass that by more than 300 BTC, solidifying its position as a leading player in the Bitcoin mining space.
Fried Thiel, the Chairman and CEO of Marathon Digital Holdings, attributed the record-setting monthly production to an 18.4% increase in hash rate, reaching an impressive 22.4 exahashes per second.
“In December, we increased our energized hash rate 4% to 24.7 exahashes and extended our lead as the largest publicly traded bitcoin miner in North America,” Thiel said.
Marathon to Further Expand Mining Capabilities
To further expand its mining operations, Marathon recently announced its plans to acquire two mining centers for $179 million.
This will add an additional 390 megawatts of mining capacity to Marathon’s existing output of 584 megawatts.
Thiel said the company will aim to achieve a 30% increase in energized hash rate throughout 2024.
“We continue to target 30% growth in energized hash rate in 2024 and with the recently announced acquisition of the two sites from Generate Capital, which is expected to close in January 2024, we expect to reach 50 exahashes in the next 18 to 24 months.”
The remarkable performance of Marathon Digital Holdings in December also garnered attention in the stock market.
On December 28, the company briefly became the most-traded public company among mid and large-cap firms in the U.S. stock market.
With a staggering daily trading volume of $3.3 billion, Marathon outperformed renowned blue-chip companies such as Tesla, Apple, and Amazon.
Marathon’s impressive December performance aligns with the broader trend of Bitcoin mining companies expanding their operations in anticipation of the potential approval of a spot Bitcoin exchange-traded fund (ETF) and the upcoming Bitcoin halving in April.
Competitor mining firm Riot Platforms recently made a significant investment of $291 million to acquire additional Bitcoin mining rigs, marking the largest increase in hash rate in the company’s history.
More Mining Firms Expand Operations
Aside from Marathon, a number of other crypto mining firms have also expanded their mining capabilities.
Just recently, Cipher Mining acquired 16,700 new mining rigs, aiming to position itself as one of the leading players in the industry following the anticipated Bitcoin halving event in April.
The company plans to install these state-of-the-art Avalon A1466 miners at its Bear and Chief Mountain facilities in Texas during the second quarter, thereby increasing its total self-mining capacity to 8.4 exahashes per second (EH/s).
Likewise, Tether has ramped up its investment in the Bitcoin mining industry.
In November, Paolo Ardoino, Tether’s incoming CEO, said that the company plans to invest approximately $500 million over the next six months.