October 2, 2023

Marathon Digital Says Its Bitcoin Production More Than Doubled In December Over Previous Month – Bitcoin – United States Dollar ($BTC)

Bitcoin (CRYPTO: BTC) mining company Marathon Digital Holdings Inc. (NASDAQ:MARA) reported a 147% month-over-month increase in its Bitcoin production in December.

What Happened: Marathon Digital said its Bitcoin production in the month of December was a record 484.5 BTC, compared to just 196 BTC produced in November.

The company’s Bitcoin production in fiscal 2021 surged 846% year-over-year to 3,197 BTC.

The company’s existing mining fleet consists of 32,350 active miners producing approximately 3.5 EH/s.

Marathon Digital said that after having last sold Bitcoin in October 2020, it has been accumulating, or “hodling,” all Bitcoin generated since then.

The company currently holds about 8,133 bitcoins, with a fair market value of about $375.8 million. This includes the 4,813 BTC it purchased in January 2021 for an average price of $31,168.

See Also: How To Buy Bitcoin (BTC)

Why It Matters: North America has supplanted China as the world’s mining epicenter following the regulatory crackdown in China on cryptocurrencies last year.

U.S. mining companies like Marathon Chain and Riot BlockChain Inc. (NASDAQ:RIOT) have played a key role in the surge in North America’s Bitcoin mining.

Bitcoin, which celebrated its thirteenth birthday on Monday, is the world’s largest cryptocurrency by market capitalization. The cryptocurrency is down more than 32% from its all-time high of $68,789.63 touched in November 2021.

Price Action: Marathon Digital’s shares closed less than 0.1% higher in Monday’s regular trading session at $32.89 and further rose more than 1% in the after-hours session to $33.24.

Bitcoin is down 1.0% during the past 24 hours, trading at $46,586.65 at press time.

Read Next: 9 Ways To Play 2021’s Top-Performing Crypto-Friendly Stocks Into 2022

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