Marathon Digital achieved significant milestones in its Bitcoin mining operations during November, showcasing its dedication to acquiring the leading cryptocurrency for its reserves.
Record-High BTC Production
In a statement on December 2, Marathon reported a 26% increase in Bitcoin production compared to October, producing 907 BTC in November. Additionally, the company’s energized hash rate grew by 15%, reaching 46.1 EH/s. This marked a considerable improvement from the previous month.
The miner also achieved its highest-ever monthly block production, mining 254 blocks, a 27% rise from October’s figures.
Operational Efficiency Drives Success
Marathon CEO Fred Thiel attributed this impressive performance to the deployment of new mining hardware and enhanced operational efficiency. Thiel highlighted that these accomplishments reinforce Marathon’s leadership in the Bitcoin mining industry.
Bitcoin Acquisition Strategy
Plans for $700 Million Fundraising
In a separate announcement, Marathon revealed plans to raise $700 million through a private offering of unsecured convertible senior notes due in 2031. The company stated that these notes could be converted into cash, MARA stock, or a combination of both.
Marathon intends to allocate up to $50 million of the proceeds to repurchase part of its existing 2026 convertible notes. The remaining funds will support further Bitcoin acquisitions and other corporate initiatives.
Recent BTC Purchases
This fundraising plan follows a $1 billion offering in mid-November, which facilitated the purchase of 6,474 BTC worth approximately $615 million.
Thiel explained that the company’s dual approach of mining and purchasing Bitcoin offers flexibility. This strategy allows Marathon to take advantage of market opportunities by acquiring BTC during price dips and mining it at costs below the prevailing spot price.
Marathon’s Growing Bitcoin Reserves
As of November 30, Marathon had acquired 12,965 BTC in 2023 at an average price of $77,692. The company’s total mined BTC for the year reached 8,563, yielding 37.2 BTC per share year-to-date. Overall, Marathon holds 34,959 BTC, valued at $3.3 billion.
Second-Largest Public Bitcoin Holder
According to Bitcoin Treasuries data, Marathon is the second-largest public Bitcoin holder, ranking just behind MicroStrategy
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