Marathon Digital Holdings reports December 2024 Bitcoin production and mining metrics, showing continued operational progress.

Marathon Digital Holdings reported a 15% increase in its energized hash rate to 53.2 exahashes per second, exceeding its year-end target of 50 EH/s. However, Bitcoin (BTC) production fell slightly, down 2% from November to 890 BTC, which MARA attributed to “luck” variations in mining, per CEO Fred Thiel.

Hash rate is a critical measure of a miner’s computational power and is essential for securing the Bitcoin network and validating transactions. MARA’s increased hash rate reflects its expanding operations, positioning the company as a more competitive player in the mining sector.

Analysts at H.C. Wainwright predicted in a Jan. 2 note that Bitcoin mining companies like Marathon will outperform their competitors in 2025. 

Total yearly stats

For 2024, MARA mined 9,457 BTC and purchased an additional 22,065 BTC at an average price of $87,205 per coin. This brought the company’s total Bitcoin holdings to 44,893 BTC.

As of year-end, this stash is valued at $4.2 billion, based on a Bitcoin spot price of $93,354. Additionally, MARA loaned 7,377 BTC to third parties, generating extra income.

MARA operates a hybrid model of mining and purchasing Bitcoin. Mining involves solving complex computational puzzles to earn BTC directly, while purchasing Bitcoin during price dips allows the company to optimize acquisition costs and maintain operational flexibility.

CEO Fred Thiel emphasized MARA’s efficiency improvements, noting the company’s ability to produce BTC at a lower cost than the spot market price. 

The company also highlighted the growth of its proprietary MARAPool, which saw a 168% increase in hash rate in 2024, significantly outpacing the overall Bitcoin network’s 49% growth.