Marathon Digital reported record performance for its Bitcoin mining operations in November in its continued efforts to acquire top crypto assets as reserves.
In a statement on December 2nd, the company revealed that BTC production increased by 26% month-on-month to 907 BTC. Additionally, the activated hashrate jumped 15% to reach 46.1 EH/s, marking significant growth since October.
The miner also reported the highest number of blocks mined in a month, 254 blocks. This is a 27% increase from October.
Marathon CEO Fred Thiel said these results were due to the successful implementation of new miners and improved operational efficiency. He emphasized that these achievements confirm the company's leadership in the industry.
Bitcoin acquisition
In a separate announcement, Marathon Digital said it plans to raise $700 million through a private placement of unsecured convertible notes due in 2031.
The company explained that the notes will be converted into cash, MARA shares, or both. It further added that up to $50 million of the proceeds will be used to repurchase a portion of its existing 2026 convertible notes, with the remainder to be used to acquire additional Bitcoin and support general corporate operations.
This follows Marathon raising $1 billion in funding through a similar offering in mid-November, enabling the purchase of 6,474 BTC worth approximately $615 million.
Thiel said Marathon's dual Bitcoin mining and acquisition strategy provides significant flexibility and allows the company to take advantage of favorable market conditions. He added that this approach optimizes acquisition costs by buying during price declines, making Marathon more competitive by mining BTC at a lower cost than typical spot prices.
As of November 30th, Marathon has acquired 12,965 BTC since the beginning of the year at an average price of $77,692. The company has mined a total of 8,563 BTC and has a year-to-date BTC yield of 37.2% per share. Overall, the company holds 34,959 BTC, worth $3.3 billion.
Marathon is the second-largest public Bitcoin holder after MicroStrategy, according to Bitcoin Treasury data.
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