Marathon Digital reported a document efficiency in its Bitcoin mining operations for November amid its ongoing dedication to buying the highest crypto asset for its reserves.
In a Dec. 2 statement, the corporate revealed that its BTC manufacturing rose by 26% month-over-month to 907 BTC. Moreover, its energized hash charge surged 15% to achieve 46.1 EH/s, marking important progress since October.
The miner additionally reported the best variety of blocks mined in a single month, 254 blocks—a rise of 27% from October.
Marathon’s CEO Fred Thiel attributed these outcomes to the profitable deployment of recent miners and enhancements in operational effectivity. He emphasised that these achievements underscore the corporate’s management within the trade.
Bitcoin acquisitions
In a separate announcement, Marathon Digital disclosed plans to boost $700 million via a non-public providing of unsecured convertible senior notes due 2031.
The corporate defined that the notes could be transformed into money, MARA inventory, or a mix of each. It added that it plans to allocate as much as $50 million of the proceeds to repurchase a part of its present 2026 convertible notes, with the rest directed towards buying extra Bitcoin and supporting basic company actions.
This follows Marathon’s $1 billion fundraising via an identical providing in mid-November, which enabled the acquisition of 6,474 BTC, valued at roughly $615 million.
Thiel stated that Marathon’s twin mining and buying Bitcoin technique offers important flexibility, permitting the corporate to capitalize on favorable market circumstances. He added that this method optimizes acquisition prices by shopping for throughout value declines and strengthens Marathon’s aggressive edge by mining BTC at decrease prices than the prevailing spot value.
As of Nov. 30, Marathon had acquired 12,965 BTC year-to-date at a median value of $77,692. In complete, the corporate has mined 8,563 BTC, bringing its year-to-date BTC yield per share to 37.2%. General, the corporate holds 34,959 BTC, valued at $3.3 billion.
In accordance with Bitcoin Treasuries data, Marathon is the second-largest public Bitcoin holder, behind solely MicroStrategy.