Bitcoin

Read

Marathon, the world’s largest Bitcoin mining firm boasting a hash rate of 19.2 EH/s, is now focusing on international joint ventures for future growth. 
On Nov. 14, Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) mining expert Jaran Mellerud shared Marathon’s operations report, highlighting the company’s preparations for the upcoming Bitcoin halving, set to occur in less than six months. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Marathon just revealed the state of its operations in its latest quarterly report. How prepared is this mega miner for the <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#bitcoin</a> halving? Find out in this thread, and don't forget to read the entire article at the end. <a href="https://t.co/QlNgFKlFRP" target="_blank">pic.twitter.com/QlNgFKlFRP</a>— Jaran Mellerud 🟧⛏️ (@JMellerud) <a href="https://twitter.com/JMellerud/status/1724426848224809002?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 14, 2023</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
As the largest public miner by hash rate and Bitcoin holdings, <a href="https://crypto.news/marathon-digital-holdings-enhances-bitcoin-mining-operations/" data-type="link" data-id="https://crypto.news/marathon-digital-holdings-enhances-bitcoin-mining-operations/">Marathon</a> boasts an impressive 19.2 EH/s and owns approximately 13,396 BTC, valued at an estimated $474 million. 
 You might also like: <a href="https://crypto.news/bitcoin-miner-marathon-digital-posts-670-surge-in-q3-revenue/"> Bitcoin miner Marathon Digital posts 670% surge in Q3 revenue </a> 
According to the report, Marathon has grown its Bitcoin production by 467% in one year, expanding its hash rate from 7 EH/s one year ago. 
This growth has translated into substantial production gains, with the firm’s Bitcoin output rising from 416 BTC in Q3 2022 to a massive 3,490 BTC in Q3 2023. 
<figure class="wp-block-image size-full">
 <img decoding="async" loading="lazy" width="1600" height="991" src="https://crypto.news/app/uploads/2023/11/btcproduction.png.webp" alt="Marathon shifts to international ventures ahead of Bitcoin halving - 27" class="wp-image-14216034">
 <figcaption class="wp-element-caption">
 Marathon’s quarterly Bitcoin production overview | Source: <a href="https://www.minermetrics.io/marathon-q3-2023-update/" target="_blank" rel="noopener">MinerMetrics</a>
 </figcaption>
</figure> 
The report also indicates that Marathon is on track to achieve its goal of 23 EH/s, thanks to the upcoming full operation of its Garden City, Texas facility. However, the energization of this site has faced delays since July. 
However, the company has<a href="https://crypto.news/marathons-bitcoin-production-slips-9-amid-unprecedented-heatwave/"> indicated a strategic turn</a> towards international joint ventures. This approach could position it as the most geographically diversified miner, potentially leading to a gradual decrease in production costs. 
The firm’s focus is shifting from U.S.-based hosted facilities, plagued by high costs and energization delays, to more global partnerships. 
Plans are underway for expansion into new territories, with facilities in Abu Dhabi and Paraguay expected to increase the company’s capacity by 30% in 2024. 
Despite improvements in its cost structure, Marathon still faces relatively high expenses compared to its peers. The impending halving and potential drops in Bitcoin prices below $30,000 could further impact the firm’s margins. 
The Bitcoin network is operating at a near-record hash rate of 428 EH/s, intensifying competition among miners. The mining difficulty, a measure of the effort required to mine on the network, stands at a peak level of 64.6T. 
<figure class="wp-block-image size-full is-resized">
 <img decoding="async" loading="lazy" width="722" height="667" src="https://crypto.news/app/uploads/2023/11/Untitled-1.png-1.webp" alt="Marathon shifts to international ventures ahead of Bitcoin halving - 28" class="wp-image-14216036" style="aspect-ratio:1.0824587706146926;width: 100%;height:auto">
 <figcaption class="wp-element-caption">
 Bitcoin Mining Difficulty | Source: <a href="https://data.hashrateindex.com/chart/bitcoin-hashprice-index" target="_blank" rel="noopener">Hashrate Index</a>
 </figcaption>
</figure> 
Despite recent price increases, mining profitability remains low, with a hash price of $0.079 per TH/s per day. 
Given the combination of elevated hash rates and diminished profitability, Bitcoin mining continues to be challenging for most, except for the largest operators in the field. 
 Read more: <a href="https://crypto.news/marathon-digital-holdings-enhances-bitcoin-mining-operations/"> Marathon Digital Holdings enhances Bitcoin mining operations </a>

Marathon shifts to international ventures ahead of Bitcoin halving

crypto.news

Other articles published on Nov 15, 2023

BlackRock Issues Warning: USDT & USDC Stablecoins Put Bitcoin At Risk

OKX Releases Ethereum Layer 2 Testnet Network “X1” With Polygon CDK

3 reasons why Bitcoin price failed to break $37K

Bitcoin and Altcoin Report – November Week 2

CME Surpasses Binance to Claim Dominance in Bitcoin Futures Trading

The Monetary Authority of Singapore Launches Project Guardian, A Tokenization Initiative

Join our free newsletter for daily crypto updates!