Marathon Digital Holdings, Inc. (NASDAQ: MARA), one of North America’s leading enterprise Bitcoin mining companies, has released its unaudited Bitcoin production and mining operations update for December 2021. The report highlights significant year-over-year growth in Bitcoin output, a major expansion in mining capacity, and strategic advancements in infrastructure and fleet scaling.
Record-Breaking Bitcoin Production in 2021
Marathon achieved a landmark year in 2021, producing approximately 3,197 self-mined Bitcoin (BTC)—an impressive 846% increase compared to just 338 BTC mined in 2020. This exponential growth reflects the company’s aggressive deployment of high-performance mining hardware and optimized operational efficiency.
The momentum peaked in December 2021, when Marathon set a new monthly record by mining 484.5 BTC—a 147% increase from the previous month. This marked the most productive month in the company’s history and contributed to a total of 1,098 BTC mined in Q4 2021 alone.
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Expanding Bitcoin Holdings and Financial Strength
As of January 1, 2022, Marathon’s total Bitcoin holdings reached approximately 8,133 BTC, with a fair market value of around **$375.8 million**—based on a Bitcoin price of $46,208. Notably, the company has not sold any Bitcoin since October 21, 2020, adhering to a strict “hodl” strategy to accumulate digital assets.
This strategy includes:
- Holding all self-mined BTC since late 2020
- Purchasing 4,813 BTC in January 2021 at an average price of $31,168 per BTC
Marathon’s financial position remains robust, with:
- $268.5 million in cash
- $644.3 million in total liquidity (cash + Bitcoin holdings)
This strong balance sheet supports continued investment in mining infrastructure and fleet expansion.
Mining Fleet Growth and Hash Rate Milestones
Marathon significantly scaled its mining operations throughout 2021:
- Deployed 72,495 ASIC miners in 2021, including 10,365 units in December alone
- Currently has 10,907 additional miners in transit
- Active mining fleet: 32,350 miners producing 3.5 EH/s
The company’s hash rate surged by 1,790% in 2021—from 0.2 EH/s in January to 3.5 EH/s by December—demonstrating rapid execution of its hardware deployment roadmap.
Strategic Partnership with Compute North
Marathon continues collaborating with Compute North, a leading sustainable data center provider, to host its mining operations. Key developments include:
- Deployment at existing Compute North facilities
- Expansion into new “behind-the-meter” sites powered by wind and solar energy
- Access to renewable energy at industry-low rates for over 100,000 miners
Construction is underway on a new 280-megawatt (MW) facility in West Texas, with miner deployment expected to begin in Q1 2022.
Record Order for Bitmain S19 XP Miners
On December 23, 2021, Marathon announced a historic purchase agreement with Bitmain for a large volume of ANTMINER S19 XP (140 TH/s) units—the most advanced Bitcoin mining rigs available at the time.
Once fully deployed by early 2023, this order will expand Marathon’s total mining fleet to approximately 199,000 Bitcoin miners, with a projected network capacity of 23.3 EH/s.
This would position Marathon as one of the largest publicly traded Bitcoin miners globally, significantly increasing its influence on the Bitcoin network.
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CEO Commentary: A Transformative Year Ahead
Fred Thiel, CEO of Marathon Digital Holdings, reflected on the company’s achievements:
“2021 was a transformative year for Marathon as we increased our hash rate 1,790% and our Bitcoin production by 846% year-over-year. We finished the year with our most productive month to date… We expanded our agreement with Compute North and secured access to reliable hosting and renewable power… And more recently, we placed a record order for Bitmain’s newest machines, the S19 XP.”
Thiel emphasized that Marathon enters 2022 with:
- Strong operational momentum
- Nearly 167,000 industry-leading miners scheduled for delivery through early 2023
- A clear path to scale hash rate from 3.5 EH/s to 23.3 EH/s
He added: “We are optimistic that 2022 will be another great year for our business, and we look forward to growing Marathon into one of the leading Bitcoin miners in North America and potentially the largest known miner in the world over the coming quarters.”
Frequently Asked Questions (FAQ)
What is Marathon Digital Holdings’ current Bitcoin production rate?
As of December 2021, Marathon produced 484.5 BTC in a single month—the highest monthly output in company history. For the full year 2021, it mined 3,197 BTC, up 846% from 2020.
How many Bitcoin miners does Marathon operate?
Marathon had 32,350 active miners producing 3.5 EH/s as of December 2021. With pending deliveries, the fleet is expected to grow to approximately 199,000 miners by early 2023.
Where does Marathon source its mining power?
Marathon partners with Compute North to host miners at facilities powered by renewable energy sources, including wind and solar farms. The company prioritizes “behind-the-meter” energy solutions to reduce costs and environmental impact.
Does Marathon sell its mined Bitcoin?
No. Since October 21, 2020, Marathon has adopted a full accumulation strategy, holding all self-mined Bitcoin. The company believes in long-term value appreciation and network participation.
What is Marathon’s projected hash rate by 2023?
Marathon expects to reach 23.3 EH/s by early 2023—up from 3.5 EH/s at the end of 2021—making it one of the most powerful mining operations globally.
How does Marathon manage mining risks?
The company acknowledges risks related to network difficulty, regulatory changes, and market volatility. It mitigates these through diversified hosting, renewable energy access, strong liquidity ($644.3M), and continuous hardware upgrades.
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Looking Ahead: Scaling Into Global Leadership
With a clear roadmap for fleet expansion, access to low-cost renewable energy, and a disciplined financial approach, Marathon is positioning itself at the forefront of the institutional Bitcoin mining era. The combination of rapid hardware deployment, strategic partnerships, and long-term digital asset retention underscores a comprehensive strategy for sustainable growth.
As the global Bitcoin network continues evolving, companies like Marathon play a vital role in securing the blockchain through scalable, efficient, and environmentally responsible mining operations.