MARA Holdings Increases Bitcoin Hash Rate by 15% to 53.2 EH/s
MARA Holdings Inc (NASDAQ: MARA), a leading Bitcoin miner, released its unaudited BTC production and miner installation updates for December 2024. The company mined approximately 249 blocks, earning a total reward of 890 Bitcoins, marking its second-highest monthly block production since inception.
MARA Holdings reported a 15% increase in its total Bitcoin hash rate to about 53.2 EH/s. Consequently, the MARA Pool and Foundry mining pools now account for 38.5% of all Bitcoin blocks mined, up from 18% in January 2022. Additionally, MARA’s total hash rate surged by 168% in 2024, significantly exceeding the overall network growth of 49%.
The company highlighted its operational expansion and performance improvement, reinforcing its industry leadership.
In early December, MARA Holdings acquired a 114-megawatt wind farm in North Texas, aiming to enhance its mining capacity using renewable energy sources such as wind and solar power.
MARA and Bitcoin Strategy
Beyond mining, MARA Holdings has been selling stock to bolster its Bitcoin holdings. In 2024, it acquired 22,066 BTC at an average price of $87,205, concluding the year with a total of 44,893 BTC. As of December 31, 2024, the company had loaned out 7,377 BTCs to third parties, generating additional returns for shareholders.
The hybrid strategy of mining and purchasing Bitcoin provides flexibility to acquire BTC at favorable prices, allowing the company to optimize acquisition costs during market declines.
Market Impact
MARA Holdings played a significant role in supporting the Bitcoin network during the 2022 crypto bear market characterized by low liquidity and demand. Its successful mining operations and Bitcoin strategy have positively impacted the network, similar to approaches taken by MicroStrategy Inc and Metaplanet Inc.
The supply of Bitcoin on centralized exchanges has decreased more rapidly than miners’ daily rewards. Over the past week, more than 46,000 Bitcoins were withdrawn from CEXes, leaving a total balance of approximately 2.21 million coins.
With expected adoption of Bitcoin by nation-states and institutional investors, the undervalue of Bitcoin is anticipated to rise significantly in the coming months. Technical analysis suggests that the parabolic phase of the 2024/2025 bull market has yet to occur.