MARA Holdings Surpasses Hash Rate Target, Achieves Record-Breaking Bitcoin Production in December 2024

In December 2024, MARA Holdings surpassed its hash rate target after reporting a solid month of Bitcoin production, marking a significant milestone in its mining operations.

MARA Holdings Inc (NASDAQ:MARA) reported a solid month of Bitcoin production in December 2024, surpassing its hash rate target and achieving a significant milestone in its mining operations.

The company posted an impressive 168% growth in its annual hash rate, reaching a record-breaking 53.2 exahashes per second (EH/s). This achievement marks a 15% improvement from the previous month, driven by increased investment in mining equipment.

Despite the hash rate increase, Bitcoin production experienced a 2% decline, totaling 890 BTC for the month. However, MARA's overall performance remained strong thanks to a hybrid approach that combines Bitcoin mining and strategic purchases.

In 2024, the company acquired 22,065 BTC at an average price of $87,205 per coin, in addition to the 9,457 BTC it mined. By the end of the year, MARA's total Bitcoin holdings had grown to 44,893 BTC, valued at approximately $4.2 billion at the current spot price of $93,354 per BTC.

The company also reported loaning out 7,377 BTC to third parties, generating additional returns for its stakeholders.

"As a miner that mines and buys Bitcoin, the hybrid approach provides us significant flexibility to acquire Bitcoin at attractive prices," said Fred Thiel, MARA's CEO.

"It further allows us to capitalize on market conditions by buying BTC during price declines, optimizing our acquisition cost."

MARA's efforts to expand its mining fleet and optimize its performance have also paid off, with its internal mining pool, MARAPool, showing impressive growth.

It achieved a 168% increase in hash rate during 2024, outpacing the growth rate of Bitcoin's network itself, which was 49%.

According to the company, these results highlight the effectiveness of MARA's strategy to strengthen its position in the industry while boosting its operations.

As of December 31, 2024, MARA's total Bitcoin holdings comprised both mined and purchased assets. The company continued to capitalize on favorable market conditions to increase its reserves further, it explained.