Marathon Digital announced a record in Bitcoin mining for the month of November. The company is committed to purchasing this top cryptocurrency asset as part of its portfolio.
The company announced in a statement dated Dec. 2, that it had increased its BTC output by 26 percent month over month to 907 BTC. The company also reported that its hash rate increased by 15 percent to 46.1 EH/s.
The miner also reported the highest number of blocks mined in a single month, 254 blocks—an increase of 27% from October.
Marathon’s CEO Fred Thiel attributed these results to the successful deployment of new miners and improvements in operational efficiency. He emphasized that these achievements underscore the company’s leadership in the industry.
Bitcoin purchases
Marathon Digital also announced that it plans to raise $700,000,000 through the private sale of senior convertible notes, due in 2031.
The company stated that these notes will be converted to cash or MARA stocks, but not both. The company said that up to $50,000,000 of proceeds will be used to purchase a portion of the existing 2026 convertible notes.
This follows Marathon’s $1 billion fundraising through a similar offering in mid-November, which enabled the purchase of 6,474 BTC, valued at approximately $615 million.
Thiel said that Marathon’s dual mining and acquiring Bitcoin strategy provides significant flexibility, allowing the company to capitalize on favorable market conditions. He added that this approach optimizes acquisition costs by buying during price declines and strengthens Marathon’s competitive edge by mining BTC at lower costs than the prevailing spot price.
Marathon acquired 12965 BTC at an average cost of $76,692 as of November 30. Total, Marathon has mined 8563 BTC. Its BTC yield for the year to date is 37.2%. The company currently holds 34,959 BTC worth $3.3 billion.
Marathon, according to Bitcoin Treasuries, is the second largest public Bitcoin owner, only behind MicroStrategy.
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