The CEO of Marathon Digital, Fred Thiel, stated that the company was able to boost its hash rate by 4% in December, amounting to 24.7 EH/s. This achievement solidifies Marathon Digital’s position as the largest publicly traded mining company in North America. Thiel also expressed the company’s commitment to ramping up its hash rate by 30% in 2024. Furthermore, Marathon Digital has entered into a deal with Generate Capital to acquire two mining farms, which is set to be finalized in January. This acquisition, combined with other expansion plans, is expected to push the company’s hashing speed to 50 EH/s within the next 18–24 months.
The progress is not limited to the United States, as Marathon Digital’s facility in Abu Dhabi has reached a hash rate of 2.7 Eh/s. This facility, located in the eco-city of Masdar City, houses over 13,000 mining devices. Additionally, the company’s newly established facility in Paraguay has achieved a local hash rate of 0.3 Eh/s with 2110 miners. The increase in Bitcoin production in December was also facilitated by higher transaction fees. Over the course of the month, the MaraPool pool collected more than 380 BTC in transaction fees.
“The acquisition of mining centers in Granbury, Texas, and Kearny, Nebraska is expected to optimize costs and accelerate our growth in the near term. We have already placed orders for new miners, ensuring that we can efficiently utilize our existing capacity,” stated Marathon Digital’s CEO.
In November, Marathon Digital reported a remarkable 467% year-on-year increase in Bitcoin mining. During the same month, the company launched a pilot project to extract BTC from landfills, utilizing the methane released from waste to generate energy.