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.
Marathon Digital Holdings’ November #Bitcoin Production Update is here:
– Achieved 23 EH/s Goal; Garden City Energized
– Produced 1,187 BTC in November 2023 and 10,999 BTC Year-To-Date
– Combined Unrestricted Cash and Bitcoin Was $802.3 Million as of November 30, 2023Read the…
— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) December 5, 2023
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.
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We achieved our 23 EH/s goal in November, with 23.7 EH/s energized! pic.twitter.com/hEmHIQEHOY
— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) December 5, 2023
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.
