Marathon Digital Holdings, Inc. (NASDAQ: MARA), a leading force in supporting and securing the Bitcoin network, has released its unaudited Bitcoin production and mining operations update for January 2024. The report highlights key milestones in hash rate expansion, strategic acquisitions, international growth, and financial positioning as the company advances toward its goal of reaching 50 EH/s by the end of 2025.
Strategic Growth and Operational Expansion
In January 2024, Marathon achieved a 7% month-over-month increase in energized hash rate, reaching 26.4 EH/s—a significant step forward despite temporary operational disruptions. The company’s installed hash rate now stands at 26.7 EH/s, with approximately 212,900 Bitcoin miners in operation across its global footprint.
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Acquisition of Generate Capital Data Centers
A major catalyst for growth was the successful closure of the acquisition of two operational mining sites from Generate Capital in Granbury, Texas, and Kearney, Nebraska. The $178.6 million transaction, completed on January 12, 2024, adds substantial capacity and strategic control to Marathon’s infrastructure.
The company has announced plans to terminate Hut8’s operation of these sites and assume full operational control by April 30, 2024. This shift is expected to reduce operating costs, enhance energy efficiency through direct participation in hedging programs, and accelerate the deployment of Marathon’s proprietary operational technologies.
Already, an additional 0.9 EH/s has been energized at the Granbury facility, signaling rapid integration progress. With seven exahash of new miners on order and nearly fully paid, Marathon is on a clear path to grow its total hash rate by another 30% in 2024.
International Joint Ventures Advance
While domestic operations undergo optimization, Marathon continues to expand internationally through strategic partnerships:
- Abu Dhabi Joint Venture: The full 250-megawatt facility has been constructed and energized. Recognized as one of the most advanced immersion-cooled mining deployments globally, it operates at nearly 100% uptime.
- Paraguay Joint Venture: Currently hosts 2,100 miners (0.3 EH/s) online, with full deployment of 1.1 EH/s expected by Q2 2024.
These international projects diversify Marathon’s geographic footprint and strengthen resilience against regional disruptions.
January 2024 Production Metrics
Despite progress in infrastructure, January’s Bitcoin production totaled 1,084 BTC, a 42% decline from December 2023’s 1,853 BTC. This reduction was driven by two primary factors:
- Operational Disruptions: Weather-related curtailments and equipment failures led to site outages, lowering the average operational hash rate to 19.3 EH/s—a 14% drop from the previous month.
- Decline in Transaction Fees: Transaction fees, which accounted for 22% of total rewards in December, fell to 11.4% in January, reducing overall network rewards.
Nonetheless, Marathon maintained a strong share of available miner rewards at 3.5%, winning 140 blocks during the month.
Operational Highlights (as of January 31, 2024)
- Energized Hash Rate: 26.4 EH/s (+7% MoM, +262% YoY)
- Installed Hash Rate: 26.7 EH/s (+6% MoM, +143% YoY)
- Average Operational Hash Rate: 19.3 EH/s (-14% MoM)
- Bitcoin Produced: 1,084 BTC (-42% MoM)
- BTC Holdings: 15,741 BTC (unrestricted)
- Total Cash & BTC Value: $988.7 million
Financial Position and Treasury Strategy
Marathon ended January with $318.9 million in unrestricted cash and cash equivalents—up 124% year-over-year—and no restricted cash or pledged BTC liabilities beyond previously disclosed amounts.
The company did not sell any Bitcoin during the month. Instead, it acquired an additional 183.5 BTC at an average price of $39,738, reflecting a long-term treasury accumulation strategy ahead of the anticipated Bitcoin halving in April 2024.
With a combined cash and Bitcoin value approaching $1 billion, Marathon is well-positioned to manage operational expenses, capitalize on market opportunities, and pursue further consolidation within the mining sector.
👉 Learn how leading miners are preparing their treasuries for post-halving volatility.
Site-Level Performance Insights
Marathon’s mining operations span multiple sites across North America, each contributing to overall hash rate stability and efficiency:
- McCamey (TX): Maintained high uptime at 82%, with energized and installed rates matching at 7.7 EH/s.
- Ellendale (ND): Despite a dip in average operational performance (51%), full capacity remains installed.
- Granbury (TX): Post-acquisition integration shows promise, with energized hash rate increasing from 1.9 to 2.8 EH/s.
- All Other Sites: Combined installed capacity grew from 1.3 to 2.7 EH/s, reflecting rapid deployment activity.
The total average percentage of energized hash rate operating dropped to 73% in January (from 90% in December), underscoring the impact of short-term outages—but management expects recovery in the coming weeks.
Core Keywords Integration
This update reflects Marathon’s focus on Bitcoin mining, hash rate growth, BTC holdings, mining operations, blockchain security, energy efficiency, and strategic acquisitions. These keywords represent both the company’s current priorities and broader industry trends shaping the future of decentralized networks.
As Marathon scales toward its 50 EH/s target, these elements will remain central to investor confidence and operational success.
Frequently Asked Questions
Q: Why did Marathon produce less Bitcoin in January compared to December?
A: Production declined due to temporary site outages caused by weather events and equipment failures, which reduced the average operational hash rate by 14%. Additionally, transaction fees—high in December—dropped by nearly half in January.
Q: What is the significance of assuming control of the Granbury and Kearney sites?
A: Direct ownership allows Marathon to reduce third-party operating fees, implement proprietary efficiency technologies, participate in energy hedging, and streamline decision-making for faster scaling.
Q: How is Marathon preparing for the upcoming Bitcoin halving?
A: The company is strengthening its balance sheet, expanding hash rate capacity, optimizing energy costs, and accumulating BTC reserves to navigate reduced block rewards post-halving.
Q: Are Marathon’s international mining ventures operational?
A: Yes. The Abu Dhabi facility is fully energized and running at near-perfect uptime. In Paraguay, 0.3 EH/s is live, with full deployment expected by Q2 2024.
Q: Did Marathon sell any Bitcoin in January 2024?
A: No. The company held all newly mined BTC and even purchased an additional 183.5 BTC at an average price of $39,738 per coin.
Q: What is Marathon’s long-term hash rate target?
A: The company aims to reach 50 EH/s by the end of 2025, supported by recent acquisitions and ongoing miner deployments.
Looking Ahead
Marathon Digital Holdings remains focused on sustainable growth, operational resilience, and long-term value creation for shareholders. With robust infrastructure expansion underway, improved cost controls on the horizon, and a strong financial position ahead of the halving event, the company is positioning itself as a leader in the next era of Bitcoin mining.
As network difficulty evolves and competition intensifies, Marathon’s strategy of direct ownership, technological innovation, and global diversification will be key differentiators.
👉 See how institutional-grade mining firms are navigating the post-halving landscape.