Bitcoin Mining Boom: Marathon Digital’s Historic 1,853 BTC Monthly Record

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Marathon Digital Holdings (MARA) stock rallied by over 12% on Thursday as the company announced mining over 1,853 Bitcoin (BTC).

While the company mined 1,853 BTC in December 2023, it sold 704 BTC, which is 38% of monthly production. Marathon Digital said it sold Bitcoin to cover operational expenses.

The trend is seen across the entire mining industry since Bitcoin started to rally in the last quarter of 2023. The screenshot below shows that the miners’ net position has continuously declined since early November.

Bitcoin Miner Net Position Change. Source: Glassnode

Nonetheless, the company declared that as of December 31, 2023, it holds 15,174 Bitcoin. 

On Thursday, the price of MARA stock closed at $26.88, up by over 12% from Wednesday’s closing price. On Friday’s pre-market, the stock is trading at $25.52.

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