Yield

Bitcoin mining heavyweight MARA Holdings bought 11,774 Bitcoin for $1.1 billion on Dec. 10, while its hashrate exceeded 50 exahashes per second (EH/s) — an industry first.
MARA purchased its latest haul after a zero-coupon <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/mara-holdings-1b-convertible-notes-bitcoin-acquisition" rel="null" target="null" text="null" title="null">convertible note offering</a> late last month, snapping up the 11,774 Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) at an average purchase price of $96,000, it <a data-ct-non-breakable="null" href="https://x.com/MARAHoldings/status/1866467993183543461" rel="null" target="null" text="null" title="null">said</a> in a Dec. 10 X post.
As of Dec. 9, MARA held 40,435 Bitcoin, worth $3.92 billion at a current price of around $97,000.
MARA has made a 12.3% “BTC Yield” in the fourth quarter and 47.6% this year, according to a Dec. 9 <a data-ct-non-breakable="null" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1507605/000149315224049365/form8-k.htm" rel="null" target="null" text="null" title="null">filing</a> with the United States <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/sec-chair-ether-price-etf-inflow" rel="null" target="null" text="null" title="null">Securities and Exchange Commission.</a>
It uses BTC Yield as a key performance indicator to measure the percentage change between its Bitcoin holdings and its assumed fully diluted shares outstanding.
<figure>
 <img alt="Mining, SEC, MicroStrategy, Hashrate" src="https://s3.cointelegraph.com/uploads/2024-12/0193b2d7-3822-7d0b-a037-c9244d6f5002" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/MARAHoldings/status/1866467993183543461" rel="null" target="null" text="null" title="https://x.com/MARAHoldings/status/1866467993183543461">MARA Holdings</a>
 </figcaption>
</figure>
In July, MARA shifted to a new treasury policy to retain all Bitcoin it mines and adopt a range of capital market instruments to bolster its Bitcoin reserves, similar to<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/microstrategy-bitcoin-buys-profit" rel="null" target="null" text="null" title="null"> MicroStrategy’s Bitcoin playbook</a>.
<h2 id="mara-s-hashrate-reaches-50-eh-s">MARA’s hashrate reaches 50 EH/s</h2>
MARA also <a data-ct-non-breakable="null" href="https://x.com/MARAHoldings/status/1866563646236569685" rel="null" target="null" text="null" title="null">reported</a> doubling its <a data-ct-non-breakable="null" href="https://cointelegraph.com/explained/what-is-bitcoin-hash-rate-and-why-does-it-matter" rel="null" target="null" text="null" title="null">energized hashrate</a> in 2024 to <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-miner-marathon-increase-hash-rate-target-by-end-2024" rel="null" target="null" text="null" title="null">reach its end-of-year target</a> of 50 EH/s, making it the first public Bitcoin miner to cross the milestone.
“Mission accomplished … but why stop here,” MARA’s CEO Fred Thiel <a data-ct-non-breakable="null" href="https://x.com/fgthiel/status/1866565315825705294" rel="null" target="null" text="null" title="null">posted</a> in response to MARA’s X post.
<blockquote>
 “Stay tuned as we have more miners on the shelf and we will just keep on adding using our existing capacity.”
</blockquote>
MARA’s <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-miner-mara-falls-after-hours-q3-revenue-miss" rel="null" target="null" text="null" title="null">hashrate was 36.9 EH/s</a> at the end of the third quarter, meaning it’s added at least 13.1 EH/s since then. Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-asic-maker-bitmain-expands-into-usa" rel="null" target="null" text="null" title="null">Bitcoin ASIC maker Bitmain expands production line into US</a> MARA shares closed down 4.4% to $22.81 on Dec. 10 and has only seen a slight gain of just over 1% after-hours, Google Finance <a data-ct-non-breakable="null" href="https://www.google.com/finance/quote/MARA:NASDAQ" rel="null" target="null" text="null" title="null">data</a> shows.
<figure>
 <img alt="Mining, SEC, MicroStrategy, Hashrate" src="https://s3.cointelegraph.com/uploads/2024-12/0193b2e2-4c42-77c6-bf74-ef31b4f73cb9" title="">
 <figcaption style="text-align: center;">
 MARA’s change in share price on Dec. 10. Source: <a data-ct-non-breakable="null" href="https://www.google.com/finance/quote/MARA:NASDAQ" rel="nofollow noopener" target="_blank" text="null" title="https://www.google.com/finance/quote/MARA:NASDAQ">Google Finance</a>
 </figcaption>
</figure>
MARA’s stock is down 0.55% this year after it was one of the industry’s best performers in the 2023 market rebound, rising 586% over the previous year.
Bitcoin was trading at $97,090 at the time of writing, down 6.6% since it soared to a <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-hits-100-000-first-time-new-all-time-high" rel="null" target="null" text="null" title="null">new all-time high</a> of $104,000 on Dec. 5.
Magazine:<a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/ethereum-is-poised-to-catch-up-with-bitcoin-and-solana-in-2025/" rel="null" target="null" text="null" title="null"> Comeback 2025: Is Ethereum poised to catch up with Bitcoin and Solana?</a>

MARA Holdings buys $1.1B more Bitcoin, hits industry-first 50 EH/s

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Cointelegraph

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