Marathon Digital Holdings (MARA) stock rallied by over 12% on Thursday as the company announced mining over 1,853 Bitcoin (BTC).

To prepare for the upcoming Bitcoin halvings, the mining firms are increasing their capacity to mine a maximum number of BTC. 

Marathon Digital Sold 38% of BTC Mined in December

The company shared its unaudited Bitcoin production report on Thursday, highlighting the record of mining 1,853 Bitcoins in December. Additionally, in 2023, the company mined 12,852 BTC. Fred Thiel, the CEO of Marathon Digital, said:

“Hash rate growth and continued efficiency gains helped grow average operational hash rate* by 18% to 21.9 exahashes or 22.4 exahashes including our share of the joint ventures. This helped drive record bitcoin production as Marathon mined 1,853 BTC in December, up 56% from November, and 290% year-over-year. We believe this to be the highest monthly total ever recorded by a public bitcoin mining company.”

Read more: Liquid Bitcoin Hashrate Protocol: A Guide to Mining Bitcoin With NFTs

While the company mined 1,853 BTC in December 2023, it sold 704 BTC, which is 38% of monthly production. Marathon Digital said it sold Bitcoin to cover operational expenses.

The trend is seen across the entire mining industry since Bitcoin started to rally in the last quarter of 2023. The screenshot below shows that the miners’ net position has continuously decli

Go to Source to See Full Article
Author: Harsh Notariya

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details