Marathon Digital Holdings, Inc. (NASDAQ: MARA), a leading North American Bitcoin mining company, has announced its unaudited Bitcoin production and operational updates for December 2023, revealing record-breaking performance and significant progress in hash rate expansion.
The company mined 1,853 BTC in December—its highest monthly output to date—representing a 56% increase from November and a staggering 290% year-over-year growth. This achievement solidifies Marathon’s position as the largest publicly traded Bitcoin miner in North America. Total Bitcoin production for the full year 2023 reached 12,852 BTC, driven by strategic infrastructure scaling and enhanced operational efficiency.
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Record Hash Rate Growth and Operational Efficiency
Marathon’s average operational hash rate reached 22.4 exahashes per second (EH/s) in December, an 18% month-over-month increase, fueled by the energization of approximately 8,900 additional miners at Applied Digital’s Garden City, Texas facility. These new units contributed roughly 0.7 EH/s to the network.
The company’s total energized hash rate now stands at 24.7 EH/s, up 4% from the previous month and a remarkable 253% increase compared to December 2022. Installed hash rate—the sum of energized and newly installed but not yet powered equipment—rose to 25.2 EH/s, indicating strong momentum for future output growth.
Fleet efficiency remains a key focus, with Marathon reporting an average efficiency of 24.5 joules per terahash (J/TH) as of January 1, 2024. This metric reflects the energy efficiency of its mining rigs, directly impacting profitability and sustainability.
Site-Level Performance Highlights
Operational improvements across multiple sites contributed to the overall performance surge:
- McCamey, TX (US Bitcoin): Uptime improved from 90% in November to 92%, boosting average operational hash rate to 7.1 EH/s.
- Ellendale, ND (Applied Digital): Maintained high uptime at 95%, contributing 7.4 EH/s in average operations.
- Garden City, TX: Significant ramp-up with operational hash rate increasing from 1.3 EH/s to 3.6 EH/s, as more miners came online.
- Granbury, TX & Jamestown, ND: Both sites maintained uptime above 85%, supporting stable production.
The company continues optimizing operations to reduce downtime, lower costs, and improve power utilization—critical factors in maintaining competitiveness ahead of the upcoming Bitcoin halving.
Strategic International Expansion
Beyond U.S. operations, Marathon is rapidly expanding its global footprint through joint ventures and international partnerships:
- In Abu Dhabi, the company now has 2.7 EH/s online, including over 13,000 miners energized at its second facility in Masdar City. The remaining 4.4 EH/s is expected to go live in January 2024.
- In Paraguay, its new joint venture has reached 0.3 EH/s with 2,110 miners online. Full deployment of the planned 1.1 EH/s is expected by early Q2 2024.
These international efforts underscore Marathon’s strategy to diversify geographic risk, access favorable energy markets, and scale hash rate capacity beyond domestic constraints.
Record Transaction Fee Capture
A major driver behind December’s record production was the surge in transaction fees on the Bitcoin network. MaraPool—the company’s proprietary mining pool—collected over 380 BTC in fees, accounting for 22% of total BTC production for the month. This marks a sharp rise from just 12% the prior month.
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This ability to capture higher fees is attributed to Marathon’s ownership and operation of its own mining pool, allowing it to optimize block selection and maximize revenue per hash unit—a significant advantage over third-party pool users.
Financial Position Strengthens
As of December 31, 2023, Marathon held:
- 15,174 BTC in unrestricted holdings—up 8% from November and 24% year-over-year.
- $356.8 million in unrestricted cash and cash equivalents.
- A combined total of $1.0 billion in cash and Bitcoin value.
Despite selling 704 BTC (38% of monthly production) to cover operating expenses, the company maintained a strong balance sheet. Marathon intends to continue selective BTC sales to fund operations and treasury management while building liquidity ahead of the anticipated Bitcoin halving in 2025.
The company also confirmed that its planned acquisition of two operational mining sites from Generate Capital—located in Granbury, TX and Kearney, NE—is on track to close in mid-January 2024 for approximately $178.6 million in cash. This acquisition is expected to enhance cost efficiency and unlock near-term growth capacity.
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Bitcoin mining
Marathon Digital Holdings
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MaraPool
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Bitcoin halving
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Frequently Asked Questions (FAQ)
Q: How much Bitcoin did Marathon mine in December 2023?
A: Marathon mined a record 1,853 BTC in December 2023, marking a 56% increase from November and a 290% rise compared to December 2022.
Q: What is Marathon’s current hash rate?
A: As of December 31, 2023, Marathon’s energized hash rate was 24.7 EH/s, with an average operational hash rate of 22.4 EH/s, including joint ventures.
Q: Why were transaction fees so high in December?
A: Increased network congestion due to Ordinals and BRC-20 activity led to higher transaction volumes and fees. Marathon captured over 380 BTC in fees via its proprietary MaraPool.
Q: Is Marathon expanding outside the U.S.?
A: Yes. The company has active operations in Abu Dhabi (2.7 EH/s online) and a growing joint venture in Paraguay (0.3 EH/s online), with full deployment expected by early Q2 2024.
Q: How does Marathon plan to handle the Bitcoin halving?
A: The company is strengthening its balance sheet by building cash reserves and improving efficiency. It aims to maintain profitability post-halving through cost optimization and higher fee capture.
Q: Did Marathon acquire new mining sites recently?
A: Yes. The acquisition of two sites from Generate Capital—Granbury, TX and Kearney, NE—is expected to close in January 2024. The move will expand capacity and improve cost structure.
👉 See how leading miners are preparing for the next Bitcoin halving cycle.
Looking Ahead: Growth Targets for 2024
Marathon aims for a 30% increase in energized hash rate during 2024 and expects to reach 50 exahashes within 18 to 24 months, supported by the Generate Capital acquisition and ongoing international expansion.
With a vertically integrated tech stack—including proprietary pool software, efficient hardware deployment, and strategic site selection—Marathon is positioning itself to thrive in an increasingly competitive mining landscape shaped by rising difficulty rates and reduced block rewards post-halving.
As Bitcoin network fundamentals remain strong and institutional interest grows, companies like Marathon that combine scale, efficiency, and innovation are well-placed to lead the next phase of ecosystem development.