Leading Bitcoin miner Marathon Digital Holdings released a detailed operations report on November 14 that provided insight into the company’s expansive plans ahead of the upcoming Bitcoin halving that is set to occur in early 2024.
In the last year, Marathon has shown an astounding 467% increase in Bitcoin production, becoming it the largest publicly traded miner by hash rate and Bitcoin reserves. In Q3 2023, Marathon produced an astounding 3,490 BTC. As of right now, the company’s hash rate stands at a commanding 19.2 EH/s. However, once its Texas mining plant is fully operationalized, it hopes to raise that to 23 EH/s.
The business has, however, announced plans for additional mining locations in Paraguay and Abu Dhabi, signaling a strategic move toward international joint partnerships and diversification. By taking this calculated risk, the mining facilities located in the United States, which have struggled with problems like excessive expenses and delays in operations, are no longer the only ones.
However, considering that the Bitcoin network’s hash rate is approaching an all-time high of 428 EH/s, competitors are putting increasing pressure on Marathon, even though this international growth may help lower production costs. In order to maintain profitability in the face of impending market price declines and the halving, Marathon needs to carefully manage its cost structure.
However, the business continues to demonstrate a strong commitment to strategic scaling as it awaits the historic occasion that will change the face of Bitcoin mining.