2024 saw the mining company MARA, previously known as Marathon Digital, extend Bitcoin loans totaling 7,377 BTC to external entities, as disclosed in an announcement on January 3 by the Bitcoin mining operation.
The Vice President for Investor Relations at MARA, Robert Samuels, offered additional details on the company’s Bitcoin lending operations, though he didn’t disclose exact figures.
As stated by Samuels, the Bitcoin lending scheme operated by MARA primarily involves short-term agreements with reliable external parties. This program yields a moderate, digit-only return and was operational throughout the year 2024.
The MARA executive emphasized that the main objective behind the loan scheme is to produce earnings to cover the operational costs associated with mining activities.
Mining operations require a significant amount of energy and have challenging underlying factors because of the periodic decrease in block rewards that happens approximately every four years during the Bitcoin halving process, most recently taking place in April 2024. This results in each block mined now receiving only 3.125 Bitcoins as a reward instead of the previous amount.
MARA hits 50 exahashes per second, grows Bitcoin reserves
In December 2024, MARA made history as the first mining company within its industry to reach a computing power of 50 exahashes per second (EH/s), which it successfully achieved publicly.
On January 3rd, the mining firm revealed they had passed the 50 Exahash per second (EH/s) benchmark and are now operating at a hash rate of 53.2 Exahashes per second.
In the year 2024, the Bitcoin miner amassed a total of 22,065 Bitcoins at an average cost of approximately $87,205 per coin. Additionally, they mined an extra 9,457 Bitcoins, resulting in the company’s Bitcoin holdings reaching a grand total of 44,893 BTC.
In the months of November and December 2024, MARA managed to secure a total of $1.9 billion through two separate senior convertible note offerings. This capital was then utilized to acquire approximately 15,574 Bitcoins for their corporate reserves.
Both of these investment opportunities come with zero-percent interest rate bonds, one maturing in 2030 and the other in 2031.
The fact that MARA is considering Bitcoin as a potential reserve asset has garnered approval from MicroStrategy’s co-founder, Michael Saylor.
Just now, Saylor stated his belief that MARA could soon become the next Bitcoin-related firm to be included in the Nasdaq 100, an index that features the top 100 companies based on market value, as listed on the Nasdaq Stock Exchange.
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2025-01-05 23:53