Marathon Digital Sets New Records in Bitcoin Mining Operations
Marathon Digital, a prominent player in the Bitcoin mining industry, has announced record-breaking performance in its operations for the month of November. The company reported a 26% increase in Bitcoin production, totaling 907 BTC for the month. Additionally, Marathon’s energized hash rate reached 46.1 EH/s, representing a 15% surge from the previous month. The miner also achieved a milestone by mining 254 blocks in November, marking a 27% increase from October.
CEO Fred Thiel credited the successful deployment of new miners and operational efficiency improvements for these impressive results. He emphasized Marathon’s leadership in the industry, highlighting the company’s commitment to excellence.
In a separate announcement, Marathon Digital revealed plans to raise $700 million through a private offering of unsecured convertible senior notes due 2031. The proceeds from this offering will be used to repurchase existing convertible notes, acquire more Bitcoin, and support general corporate activities. This fundraising initiative follows Marathon’s recent $1 billion offering, which enabled the purchase of 6,474 BTC valued at approximately $615 million.
Thiel explained that Marathon’s strategy of combining Bitcoin mining with acquisitions provides flexibility and allows the company to capitalize on favorable market conditions. By strategically timing purchases during price declines and mining BTC at lower costs than the spot price, Marathon aims to optimize acquisition costs and strengthen its competitive edge in the market.
As of November 30, Marathon had acquired a total of 12,965 BTC year-to-date at an average price of $77,692. The company has also mined 8,563 BTC, resulting in a year-to-date BTC yield per share of 37.2%. In total, Marathon holds 34,959 BTC with a total value of $3.3 billion, making it the second-largest public Bitcoin holder according to Bitcoin Treasuries data, trailing only MicroStrategy.
Marathon Digital’s recent achievements underscore its position as a key player in the Bitcoin mining industry. With a dual strategy focused on mining and acquisitions, the company continues to demonstrate its commitment to growth and innovation in the evolving cryptocurrency landscape.