Marathon Digital reported a record performance in its Bitcoin mining operations for November amid its ongoing commitment to acquiring the top crypto asset for its reserves.

In a Dec. 2 statement, the company revealed that its BTC production rose by 26% month-over-month to 907 BTC. Additionally, its energized hash rate surged 15% to reach 46.1 EH/s, marking significant growth since October.

The miner also reported the highest number of blocks mined in a single month, 254 blocks—an increase of 27% from October.

Marathon’s CEO Fred Thiel attributed these results to the successful deployment of new miners and improvements in operational efficiency. He emphasized that these achievements underscore the company’s leadership in the industry.

Bitcoin acquisitions

In a separate announcement, Marathon Digital disclosed plans to raise $700 million through a private offering of unsecured convertible senior notes due 2031.

The company explained that the notes would be converted into cash, MARA stock, or a combination of both. It added that it plans to allocate up to $50 million of the proceeds to repurchase part of its existing 2026 convertible notes, with the remainder directed toward acquiring more Bitcoin and supporting general corporate activities.

This follows Marathon’s $1 billion fundraising through a similar offering in mid-November, which enabled the purchase of 6,474 BTC, valued at approximately $615 million.

Thiel said that Marathon’s dual mining and acquiring Bitcoin strategy provides significant flexibility, allowing the company to capitalize on favorable market conditions. He added that this approach optimizes acquisition costs by buying during price declines and strengthens Marathon’s competitive edge by mining BTC at lower costs than t

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Author: Oluwapelumi Adejumo