MARA Holdings, Inc. (NASDAQ: MARA), a leading innovator in digital asset computing and sustainable energy integration, has released its unaudited Bitcoin production and mining operation highlights for December 2024. The report underscores significant advancements in hash rate capacity, operational efficiency, and Bitcoin treasury growth—solidifying MARA’s position as a dominant force in the crypto mining sector.
Record Hash Rate Growth and Operational Efficiency
At the close of 2024, MARA achieved an energized hash rate of 53.2 exahashes per second (EH/s), marking a 15% increase from November’s 46.1 EH/s. This milestone surpasses the company’s year-end target of 50 EH/s and reflects continuous improvements in infrastructure scaling and miner deployment.
Fred Thiel, Chairman and CEO of MARA, emphasized the achievement:
“In December, we surpassed our year-end hash rate target of 50 EH/s while improving our fleet efficiency to 20 joules per terahash (J/TH). We mined 249 blocks—the second-highest monthly total in company history.”
This performance demonstrates not only robust operational execution but also enhanced resilience amid fluctuating network conditions.
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Bitcoin Production and Network Performance
Despite the rise in hash rate, BTC production slightly declined by 2% month-over-month to 890 BTC, attributed to minor variations in mining “luck”—a common statistical fluctuation in proof-of-work systems. On average, MARA produced 28.7 BTC per day during December, compared to 30.2 BTC in November.
Key metrics from MARA Pool operations include:
- Blocks won: 249 (vs. 254 in November)
- Transaction fees as % of total rewards: 2.7% (down from 3.3%)
- Share of available miner rewards: 6.1%
While these figures exclude joint venture contributions, they highlight MARA Pool’s growing influence within the Bitcoin ecosystem. Notably, MARA Pool expanded its annual hash rate by 168% in 2024, far outpacing the overall Bitcoin network growth of 49%.
Strategic Bitcoin Acquisition and Treasury Expansion
MARA’s dual strategy of mining and purchasing Bitcoin continues to yield strong results. In 2024 alone, the company:
- Mined 9,457 BTC
- Purchased 22,065 BTC at an average price of $87,205
This hybrid approach allows MARA to capitalize on market downturns, acquiring BTC at favorable prices while maintaining low-cost production through efficient mining operations.
As of December 31, 2024, MARA’s total Bitcoin holdings reached 44,893 BTC, valued at approximately $4.2 billion** based on a spot price of $93,354 per BTC. Of this total, 7,377 BTC** were temporarily loaned to third parties to generate additional yield for shareholders—a strategic move that enhances capital efficiency without sacrificing long-term holdings.
| Bitcoin HODL Addition (2024) | Amount |
|---|---|
| Mined | 9,457 BTC |
| Purchased | 22,065 BTC |
| Total HODL Increase | 31,522 BTC |
Note: Total HODL includes loaned BTC.
Shareholder Value and BTC Yield Performance
One of MARA’s standout achievements in 2024 was its BTC yield per diluted share of 62.7%—a key performance indicator reflecting the growth of Bitcoin holdings relative to share dilution.
This metric accounts for:
- Basic shares outstanding
- Convertible notes (including recent issuances in August and December 2024)
- Stock warrants
- Unvested RSUs and PSUs
The assumed fully diluted shares increased from 254.9 million at year-end 2023 to 463.4 million by December 31, 2024, driven by strategic financing activities. Despite this dilution, the substantial rise in BTC reserves ensured strong per-share value growth.
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Sustainable Mining and Energy Innovation
Beyond financial metrics, MARA continues to pioneer sustainable mining practices by converting underutilized and clean energy sources into economic value. By aligning with stranded or curtailed renewable energy projects, MARA reduces waste and supports grid stability—positioning itself at the intersection of blockchain security and environmental responsibility.
The company’s focus on energy innovation complements its technical advancements, ensuring long-term viability in an increasingly competitive and regulated landscape.
Forward-Looking Strategy and Market Outlook
MARA’s management remains confident in its ability to navigate evolving market dynamics. The company’s forward-looking statements emphasize:
- Continued expansion of hash rate capacity
- Optimization of mining costs below spot BTC price
- Active participation in Bitcoin lending markets
- Discipline in treasury management
While risks remain—including regulatory uncertainty, volatility in BTC prices, and macroeconomic factors—MARA’s diversified acquisition model and operational scale provide a strong buffer against short-term disruptions.
Frequently Asked Questions (FAQ)
Q: What is MARA's current hash rate?
A: As of December 31, 2024, MARA reported an energized hash rate of 53.2 EH/s, representing a 15% increase from the previous month.
Q: How much Bitcoin does MARA own?
A: MARA holds 44,893 BTC as of year-end 2024, including both mined and purchased coins. Approximately $7,377 BTC are currently loaned out for yield generation.
Q: Did MARA meet its 2024 mining targets?
A: Yes. MARA exceeded its year-end hash rate goal of 50 EH/s and achieved a fleet efficiency of 20 J/TH. It also mined 9,457 BTC and acquired over 31,000 BTC total during the year.
Q: What is BTC yield per share?
A: BTC yield measures the growth in Bitcoin holdings relative to diluted shares. MARA achieved a 62.7% BTC yield per diluted share in 2024.
Q: How does MARA acquire Bitcoin?
A: Through a hybrid strategy—mining new blocks and strategically purchasing BTC, especially during price dips—to lower average acquisition cost.
Q: Is MARA involved in Bitcoin lending?
A: Yes. As of December 31, 2024, MARA had 7,377 BTC loaned to third parties, generating additional returns for stakeholders while maintaining long-term ownership.
MARA’s December 2024 update reflects a year of transformational growth, technological advancement, and strategic foresight. With one of the largest corporate Bitcoin treasuries globally and a rapidly expanding mining footprint, the company is well-positioned to lead the next phase of digital asset adoption.
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