Marathon Digital Holdings Mines Over 1,000 Bitcoins in a Month

Marathon Digital Holdings, a prominent player in the cryptocurrency mining sector, has recently released its November performance report. According to the document, the company achieved remarkable milestones, solidifying its position in the industry. In the previous month, Marathon Digital increased its hash rate by 20%, reaching an impressive 23.1 EH/s. Moreover, the company successfully mined 1,187 Bitcoins (BTC), boosting its total Bitcoin holdings to 10,999 BTC since the beginning of the year. As of November 30, 2023, the company's combined cash and Bitcoin balance stands at a staggering $802.3 million.

Marathon Digital is recognized as one of the largest publicly traded companies in the United States engaged in cryptocurrency mining. With operations spanning across North Dakota, Ohio, Texas, the United Arab Emirates, and Paraguay, Marathon Digital operates tens of thousands of mining devices on its farms. According to BitcoinTreasuries, a crypto asset tracking service, the company holds the second-largest Bitcoin reserve among public companies, with ownership of 13,396 BTC, second only to Microstrategy.

In September, analysts at Matrixport highlighted that shares of public companies involved in Bitcoin mining could be one of the best investment opportunities in 2024. In November, amidst the crypto market rally, including the surge in digital asset-related companies, Marathon Digital Holdings' stock on the NASDAQ stock exchange rose to $15.28. The company's shares witnessed a remarkable 70% increase in November alone.

At the beginning of November, Marathon initiated a pilot project focused on Bitcoin mining using renewable energy sources, specifically methane extracted from waste dumps. The company claims that this pilot project is part of a broader initiative aimed at exploring the potential of converting landfill methane into electricity for cryptocurrency mining.

On November 19, Bitcoin miners earned a cumulative reward of $46.7 million, marking the highest payout in the last six months. Furthermore, on November 27, the mining difficulty for the leading cryptocurrency increased by 5.07%, setting a new historical record at 67.96 TH/s.