MARA Announces Bitcoin Production and Mining Operation Updates for December 2024

Rhea-AI Summary

MARA Holdings reported significant operational updates for December 2024, highlighting a 15% increase in energized hash rate to 53.2 EH/s. The company mined 890 BTC in December, a slight 2% decrease from November, while winning 249 blocks. MARAPool achieved 168% annual hash rate growth in 2024, surpassing bitcoin's network growth of 49%.

The company's total BTC holdings reached 44,893 BTC, valued at $4.2 billion (at $93,354 per BTC). In 2024, MARA acquired 22,065 BTC at an average price of $87,205 and mined an additional 9,457 BTC. The company's year-end BTC yield per diluted share was 62.7%. Notably, 7,377 BTC are loaned to third parties for additional returns.

Positive

• Energized hash rate increased 15% to 53.2 EH/s
• MARAPool achieved 168% annual hash rate growth in 2024
• Total BTC holdings reached 44,893 BTC ($4.2 billion)
• Acquired 31,522 BTC in 2024 (22,065 purchased + 9,457 mined)
• BTC yield per diluted share of 62.7% for 2024
• Additional returns generated from 7,377 BTC loaned to third parties

Negative

• 2% decrease in monthly BTC production (890 BTC vs 907 BTC)
• Transaction fees decreased from 3.3% to 2.7% of total rewards
• Share of available miner rewards declined from 6.5% to 6.1%

Insights

Financial Analyst

The December 2024 update reveals substantial operational growth with MARA's energized hash rate reaching 53.2 EH/s, marking a 15% month-over-month increase. The company's aggressive Bitcoin acquisition strategy resulted in accumulating 44,893 BTC valued at $4.2 billion, combining mining operations (9,457 BTC) and strategic purchases (22,065 BTC) throughout 2024. Despite a slight 2% decline in monthly BTC production to 890 BTC, MARA's market position strengthened with a 6.1% share of available miner rewards. The company's hybrid approach of mining and purchasing BTC, along with lending 7,377 BTC to generate additional returns, demonstrates sophisticated treasury management. The diluted BTC yield per share of 62.7% indicates strong value creation for shareholders, though the significant increase in fully diluted shares to 463,400,000 from multiple convertible note issuances suggests potential future dilution concerns.

Crypto Mining Expert

The operational metrics showcase MARA's strategic positioning in the mining sector. The fleet efficiency improvement to 20 J/TH indicates strong technological optimization, while MARAPool's 168% annual hash rate growth significantly outpaced the network's 49% growth. The 2.7% transaction fee contribution to mining rewards, though down from November's 3.3%, remains a healthy revenue diversification metric. The average daily production of 28.7 BTC, despite being lower than November's 30.2 BTC, demonstrates robust operational scale. Notable is the strategic timing of BTC purchases at an average price of $87,205, showing disciplined capital deployment below current market prices of $93,354. This operational excellence and strategic accumulation strategy positions MARA strongly in the competitive mining landscape.

Energized Hash Rate Increased 15% to 53.2 EH/s
Increased BTC Holdings to 44,893 BTC
2024 BTC Yield Per Share of 62.7%

Fort Lauderdale, FL, Jan. 03, 2025 (GLOBE NEWSWIRE) -- MARA Holdings, Inc. (NASDAQ: MARA) ("MARA" or the "Company"), a global leader in leveraging digital asset compute to support the energy transformation, today published unaudited BTC production and miner installation updates for December 2024.

Management Commentary
"In December, we surpassed our year-end hash rate target of 50 EH/s while improving our fleet efficiency to 20 J/TH," said Fred Thiel, MARA's chairman and CEO. "We mined 249 blocks, the second most blocks in a month on record.

"Our energized hash rate increased to 53.2 EH/s, a 15% improvement over November, while BTC production declined 2% to 890 BTC, primarily due to a slight decrease in luck. While some of our bitcoin and hash rate was acquired outside of our own pool, MARAPool achieved an impressive annual hash rate growth of 168% in 2024, exceeding bitcoin's network growth rate of 49%. These results underscore the substantial progress we've achieved in expanding our operations and enhancing performance, further solidifying our leadership within the industry.

"In 2024, we acquired 22,065 BTC at an average price of $87,205 and mined an additional 9,457 BTC. Our year-end BTC yield per diluted share was 62.7%. Overall, we now own a total of 44,893 BTC, valued at $4.2 billion based on a spot price of $93,354 per BTC. Of note, as of December 31, 2024, we had 7,377 BTC loaned to third parties generating additional return for our stakeholders.

Bitcoin HODL Addition*	2024
Mined	9,457
Purchased	22,065
Total	31,522

*Total HODL of 44,893 as of December 31, 2024 includes 7,377 BTC the Company has temporarily loaned to third parties.

"As a miner that mines and buys bitcoin, the hybrid approach provides us significant flexibility to acquire bitcoin at attractive prices. It further allows us to capitalize on market conditions by buying BTC during price declines, optimizing our acquisition cost. We believe we maintain a competitive advantage through our mining operations, enabling us to produce BTC at a lower cost than the prevailing spot price. We believe this dual approach strengthens our position and enhances our ability to deliver long-term shareholder value."

Figure 1: Operational Highlights and Updates

		Prior Month Comparison
Metric		12/31/2024			11/30/2024			% Δ
Number of Blocks Won 1		249			254			(2)%
BTC Produced		890			907			(2)%
Average BTC Produced per Day		28.7			30.2			(5)%
Share of available miner rewards 2		6.1	%		6.5	%		NM
Transaction Fees as % of Total 1		2.7	%		3.3	%		NM
Energized Hash Rate (EH/s) 1		53.2			46.1			15%

1. 
   

1. These metrics are MARAPool only and do not include blocks won from joint ventures.
2. Defined as the total amount of block rewards including transaction fees that MARA earned during the period divided by the total amount of block rewards and transaction fees awarded by the Bitcoin network during the period.

NM - Not Meaningful

Figure 2: BTC Yield¹ Reconciliation

		12/31/2023				9/30/2024				12/31/2024
Total Bitcoin Holdings			15,174				26,747				44,893
Shares Outstanding (in '000s)
Common Stock			242,829				304,913				339,382
Basic Shares Outstanding			242,829				304,913				339,382
2026 Convertible Shares (November 2021 issuance)			5,969				5,969				1,321
2030 Convertible Shares (November 2024 issuance)			-				-				55,006
2031 Convertible Shares (August 2024 issuance)			-				19,854				19,854
2031 Convertible Shares (December 2024 issuance)			-				-				37,449
Warrants			324				324				324
RSUs/PSUs Unvested			5,766				10,872				10,064
Assumed Fully Diluted Shares Outstanding 2			254,888				341,932				463,400
BTC Yield % (Year to Date)											62.7	%

1. 
   

1. BTC Yield is a key performance indicator that represents the percentage change period-to-period of the ratio between the Company's bitcoin holdings and its Assumed Fully Diluted Shares Outstanding. For additional information, refer to the Company’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the "SEC") on December 19, 2024.
2. Assumed Fully Diluted Shares Outstanding refers to the aggregate of our Basic Shares Outstanding as of the end of each period plus all additional shares that would result from the assumed conversion of all outstanding convertible notes, exercise of all outstanding stock warrants, and settlement of all outstanding restricted stock units and performance-based restricted stock units. Assumed Fully Diluted Shares Outstanding is not calculated using the treasury method and does not take into account any vesting conditions (in the case of equity awards), the exercise price of any warrants or any contractual conditions limiting convertibility of convertible debt instruments.

Investor Notice
Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under the heading "Risk Factors" in our most recent annual report on Form 10-K and any other periodic reports that we may file with the SEC. If any of these risks were to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. See "Forward-Looking Statements" below.

The operational highlights and updates presented in this press release pertain solely to our BTC mining operations. Detailed information regarding our other operations can be found in our periodic reports filed with the SEC.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical fact, included in this press release are forward-looking statements. The words "may," "will," "could," "anticipate," "expect," "intend," "believe," "continue," "target" and similar expressions or variations or negatives of these words are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such forward-looking statements include, among other things, statements related to our strategy, bitcoin lending arrangements and BTC treasury policy. Such forward-looking statements are based on management's current expectations about future events as of the date hereof and involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Subsequent events and developments, including actual results or changes in our assumptions, may cause our views to change. We do not undertake to update our forward-looking statements except to the extent required by applicable law. Readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements included herein are expressly qualified in their entirety by these cautionary statements. Our actual results and outcomes could differ materially from those included in these forward-looking statements as a result of various factors, including, but not limited to, the factors set forth under the heading "Risk Factors" in our most recent annual report on Form 10-K, and any other periodic reports that we may file with the SEC.

About MARA
MARA (NASDAQ:MARA) is a global leader in digital asset compute that develops and deploys innovative technologies to build a more sustainable and inclusive future. MARA secures the world's preeminent blockchain ledger and supports the energy transformation by converting clean, stranded, or otherwise underutilized energy into economic value.

For more information, visit www.mara.com, or follow us on:

Twitter: @MARAHoldings
LinkedIn: www.linkedin.com/company/maraholdings
Facebook: www.facebook.com/MARAHoldings
Instagram: @maraholdingsinc

MARA Company Contact:
Telephone: 800-804-1690
Email: ir@mara.com

MARA Media Contact:
Email: marathon@wachsman.com 

FAQ

How many Bitcoin did MARA mine in December 2024?

MARA mined 890 Bitcoin in December 2024, representing a 2% decrease from November's production.

What was MARA's total Bitcoin holdings as of December 31, 2024?

MARA held 44,893 Bitcoin as of December 31, 2024, valued at approximately $4.2 billion based on a spot price of $93,354 per BTC.

What was MARA's hash rate growth in December 2024?

MARA's energized hash rate increased by 15% to 53.2 EH/s in December 2024 compared to November.

How many Bitcoin did MARA purchase versus mine in 2024?

In 2024, MARA purchased 22,065 BTC at an average price of $87,205 and mined an additional 9,457 BTC.

What was MARA's BTC yield per share for 2024?

MARA's BTC yield per diluted share was 62.7% for the year 2024.

How many Bitcoin does MARA have loaned to third parties?

As of December 31, 2024, MARA had 7,377 BTC loaned to third parties generating additional returns.