Key Points
- MARA Holdings Inc increased its total Bitcoin hash rate by 15% to 53.2 EH/s in December 2024.
- The company also acquired 22,066 Bitcoins in 2024, ending the year with a total of 44,893 Bitcoins.
MARA Holdings Inc, a leading Bitcoin miner, shared its unaudited Bitcoin production and miner installation updates for December 2024. The company achieved the second-highest monthly block mining since its inception, with a total of 249 blocks, equating to a reward of 890 Bitcoins.
The company’s total Bitcoin hash rate increased by 15% to 53.2 EH/s in December. Consequently, the MARA Pool and Foundry mining pools now contribute 38.5% of all Bitcoin blocks mined, a significant increase from 18% in January 2022. Furthermore, MARA’s total hash rate saw a surge of 168% in 2024, far outpacing the network’s growth of 49%.
Expansion and Performance
According to the company, these results highlight the significant progress made in expanding operations and improving performance, further cementing its industry leadership. The company also acquired a 114-megawatt wind farm in Hansford County, North Texas in December, underscoring its commitment to increasing mining capacity through renewable energy sources including wind and solar power.
In addition to mining operations, MARA Holdings has been selling its stock market to bolster its Bitcoin holdings. In 2024, the company acquired 22,066 Bitcoins at an average price of about $87,205, ending the year with a total of 44,893 Bitcoins. The company has also loaned 7,377 Bitcoins to third parties, generating additional returns for shareholders.
Market Influence
MARA Holdings’ success in mining operations and Bitcoin strategy has significantly bolstered the Bitcoin network, particularly during the 2022 crypto bear market characterized by low liquidity and demand. The company’s strategy is similar to that of MicroStrategy Inc and Metaplanet Inc, both of which have been instrumental in supporting the Bitcoin network.
The overall supply of Bitcoin on centralized exchanges continues to decrease at a rate faster than the miners’ daily rewards. In the past week, over 46K Bitcoins have been withdrawn from these exchanges, leaving a total balance of about 2.21 million coins. As Bitcoin adoption by nation-states and institutional investors is expected to rise, the value of Bitcoin is anticipated to continue increasing exponentially in the coming months.
