Marathon Digital Holdings Inc released its annual and December 2021 production numbers on January 3, 2022. 

Marathon mined a total of 3,197 Bitcoins in 2021, an 846% increase from the previous year. Of these, 1,095 BTC were mined during the fourth quarter of 2021. December alone accounted for roughly 484.5 BTC of the current total. These numbers reflect record-breaking mining production. Marathon has increased it’s total holding of bitcoin to 8,133 worth over $375 million thanks to the growth in its hashrate as well as direct bitcoin purchases it has made in 2021. Marathon Digital Holdings Inc also holds $268.5 million of cash for a total balance sheet liquidity (defined as cash plus bitcoin) of $644.

Marathon plans for 2022

To further accelerate mining efforts, Marathon placed one of the largest mining machine orders to date. Upon fulfillment, this order will bring the company’s miner fleet total to 199,000 miners, resulting in an estimated hash rate of 23.3 EH/s by early 2023. This is a jaw-dropping increase compared to the company’s current fleet which consists of 32,350 active miners producing approximately 3.5 EH/s. 

CEO Fred Thiel comments on this great success and growth by calling 2021 “a transformative year” and continues to discuss its future plans for 2022 and beyond.

We expanded our agreement with Compute North and secured access to reliable hosting and renewable power behind the meter at industry low rates for over 100,000 of our previously purchased miners. And more recently, we placed a record order for BITMAIN’S newest machines, the S19 XP. As a result, we have increased our projected hash rate by 75% from our prior projection of 13.3 EH/s by the middle of 2022 to 23.3 EH/s by early 2023.

Source: Marathon Digital Holdings Inc.

The company has reiterated its stance on holding bitcoin rather than selling them. They have not sold any bitcoin since October 2020 and have continued to add to their holdings through mining and purchasing bitcoin directly.

Marathon Digital Holdings Inc. is a self-mining company that focuses on mining bitcoin and has quickly become a key North American player in the bitcoin mining space.

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