Bitcoin Miner Stock in play - Marathon (NASDAQ: MARA) Reports Bitcoin Production and Mining Operation Updates for December 2023
January 4, 2024 (Investorideas.com Newswire) Investorideas.com, - stocks in play commentary for Marathon Digital Holdings, Inc. (NASDAQ:MARA), The stock is trading at $24.97, up $1.53 (6.55%) at the time of this report.
Marathon is a digital asset technology company that focuses on supporting and securing the Bitcoin ecosystem. The Company is currently in the process of becoming one of the largest and most sustainably powered Bitcoin mining operations in North America.
Marathon Digital Holdings, Inc. (NASDAQ:MARA) published unaudited bitcoin ("BTC") production and miner installation updates for December 2023.
Management Commentary
"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," said Fred Thiel, Marathon's chairman and CEO. "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.
"Outside the US, progress continued in Abu Dhabi where we now have 2.7 exahashes online. This total includes over 13,000 rigs energized at our second, larger facility in Masdar City, and the remaining 4.4 exahashes are still expected to be online in January 2024. Our new joint venture in Paraguay also continued to energize, reaching 0.3 exahash with 2,110 miners now online. We continue to expect the full 1.1 exahashes to be online by early Q2 2024.
"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.
"Significantly higher transaction fees helped December's Bitcoin production grow much faster than average operational hash rate. For the month, MaraPool collected more than 380 BTC in transaction fees or 22% of BTC production, up from 12% of production last month. Our success in capturing the sizable transaction fees currently available to miners is directly related to owning and operating our own pool and represents a key competitive advantage of our vertically integrated tech stack.
"The recently announced acquisition of the sites in Granbury, TX and Kearney, NE, which is expected to close in January 2024, is expected to improve our cost structure and increase our near-term growth potential. This transaction is on track to close in mid-January and with new miners already on order, we expect to be able to quickly fill available capacity. We look forward to sharing more details on the integration strategy and financial impact after the deal has closed."
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