Marathon Digital mined 1,187 BTC in November amidst record network difficulty

2023-12-05 19:21:56

Marathon Digital Holdings bolsters its position as North America’s most prominent public Bitcoin miner, producing 1,187 BTC in November and boosting its combined unrestricted cash and Bitcoin holdings to $802.3 million.

Achieving a significant milestone, the company increased its domestic energized hash rate by 20% to 23.1 exahashes, completing the energization of its facility in Garden City, Texas. The miner’s November production slightly decreased from October’s figures, attributed to a 9% sequential increase in network difficulty

This production includes contributions from its joint ventures in Abu Dhabi and Paraguay. In the U.S. alone, the company mined 1,151 Bitcoins, with transaction fees due to increased network activity contributing to around 12% of this total.

As of Nov. 30, Marathon held 14,025 unrestricted Bitcoins. To cover its operating expenses, the company sold 700 Bitcoins, representing 59% of its monthly production. Furthermore, the company’s unrestricted cash and cash equivalents grew significantly, totaling $273.1 million at the end of November. The combined balance of unrestricted cash and Bitcoins surged from $620.3 million to $802.3 million over the month.

The company’s financial strategy is aligned with preparing for the upcoming Bitcoin network halving event and seizing strategic opportunities, including potential industry consolidation.

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