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 <p class="is-style-lead">Marathon, the world’s largest Bitcoin mining firm boasting a hash rate of 19.2 EH/s, is now focusing on <a rel="noopener noreferrer nofollow" title="international" href="https://thebittimes.com/tag/international.html">international</a> joint <a rel="noopener noreferrer nofollow" title="ventures" href="https://thebittimes.com/tag/ventures.html">ventures</a> for future growth.</p>
 <p>On Nov. 14, Bitcoin (BTC) mining expert Jaran Mellerud shared Marathon’s operations report, highlighting the company’s preparations for the upcoming Bitcoin halving, set to occur in less than six months.</p>
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    <p lang="en" dir="ltr">Marathon just revealed the state of its operations in its latest quarterly report. How prepared is this mega miner for the #bitcoin halving?<br><br>Find out in this thread, and don't forget to read the entire article at the end. pic.twitter.com/QlNgFKlFRP</p>— Jaran Mellerud ️ (@JMellerud) November 14, 2023
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 <p>As the largest public miner by hash rate and Bitcoin holdings, Marathon boasts an impressive 19.2 EH/s and owns approximately 13,396 BTC, valued at an estimated $474 million.</p>
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 <p>According to the report, Marathon has grown its Bitcoin production by 467% in one year, expanding its hash rate from 7 EH/s one year ago.</p>
 <p>This growth has translated into substantial production gains, with the firm’s Bitcoin output rising from 416 BTC in Q3 2022 to a massive 3,490 BTC in Q3 2023.</p>
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   Marathon’s quarterly Bitcoin production overview | Source: MinerMetrics
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 <p>The report also indicates that Marathon is on track to achieve its goal of 23 EH/s, thanks to the upcoming full operation of its Garden City, Texas facility. However, the energization of this site has faced delays since July.</p>
 <p>However, the company has indicated a strategic turn towards <a rel="noopener noreferrer nofollow" title="international" href="https://thebittimes.com/tag/international.html">international</a> joint <a rel="noopener noreferrer nofollow" title="ventures" href="https://thebittimes.com/tag/ventures.html">ventures</a>. This approach could position it as the most geographically diversified miner, potentially leading to a gradual decrease in production costs.</p>
 <p>The firm’s focus is shifting from U.S.-based hosted facilities, plagued by high costs and energization delays, to more global partnerships.</p>
 <p>Plans are underway for expansion into new territories, with facilities in Abu Dhabi and Paraguay expected to increase the company’s capacity by 30% in 2024.</p>
 <p>Despite improvements in its cost structure, Marathon still faces relatively high expenses compared to its peers. The impending <a rel="noopener noreferrer nofollow" title="halving" href="https://thebittimes.com/tag/halving.html">halving</a> and potential drops in Bitcoin prices below $30,000 could further impact the firm’s margins.</p>
 <p>The Bitcoin network is operating at a near-record hash rate of 428 EH/s, intensifying competition among miners. The mining difficulty, a measure of the effort required to mine on the network, stands at a peak level of 64.6T.</p>
 <figure class="wp-block-image size-full is-resized"><img decoding="async" width="722" height="667" src="https://cdn.thebittimes.com/images/2023/11/15/7397d8540d984e4deb6b85d9b0e025a2.webp" alt="Marathon shifts to international ventures ahead of Bitcoin halving - 2" class="wp-image-14216036" style="aspect-ratio:1.0824587706146926;width: 100%;height:auto">
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   Bitcoin Mining Difficulty | Source: Hashrate Index
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 <p>Despite recent price increases, mining profitability remains low, with a hash price of $0.079 per TH/s per day.</p>
 <p>Given the combination of elevated hash rates and diminished profitability, Bitcoin mining continues to be challenging for most, except for the largest operators in the field.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Marathon Digital Holdings enhances Bitcoin mining operations
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/marathon-shifts-to-international-ventures-ahead-of-bitcoin-halving-tbt70397.html">https://thebittimes.com/marathon-shifts-to-international-ventures-ahead-of-bitcoin-halving-tbt70397.html</a></p>

Marathon shifts to international ventures ahead of Bitcoin halving

TheBitTimes

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