Non Cult Crypto News

Non Cult Crypto News

in

MARA Holdings buys another $1.1 BTC, hits industry-first 50 EH/s

MARA’s shares closed down 4.4% on the day after announcing it had purchased nearly 11,800 Bitcoin and boosted its hashrate to an industry record.

COINTELEGRAPH IN YOUR SOCIAL FEED

Bitcoin mining heavyweight MARA Holdings Inc. bought another 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 $1.1 billion worth from its zero-coupon convertible note offering from late last month, snapping up the 11,774 Bitcoin (BTC) at an average purchase price of $96,000, it said in a Dec. 10 X post.

As of Dec. 9, MARA held 40,435 Bitcoin, worth $3.92 billion at its current price of around $97,000.

MARA has made a 12.3% “BTC Yield” so far in the fourth quarter and 47.6% so far this year, according to a Dec. 9 filing with the United States Securities and Exchange Commission.

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.

Source: MARA Holdings

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 MicroStrategy’s Bitcoin playbook.

MARA’s hashrate reaches 50 EH/s

MARA also reported doubling its energized hashrate in 2024 to reach its end-of-year target 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 posted in response to MARA’s X post.

“Stay tuned as we have more miners on the shelf and we will just keep on adding using our existing capacity.”

MARA’s hashrate was 36.9 EH/s at the end of the third quarter — meaning it’s added at least 13.1 EH/s since then.

Related: Bitcoin ASIC maker Bitmain expands production line into US

MARA (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 data shows.

MARA’s change in share price on Dec. 10. Source: Google Finance

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 last year.

Bitcoin is currently trading at $97,090, down 6.6% since Bitcoin soared to a new all-time high of $104,000 on Dec. 5.

Magazine: Comeback 2025: Is Ethereum poised to catch up with Bitcoin and Solana?

This article first appeared at Cointelegraph.com News

What do you think?

Written by Outside Source

MicroStrategy to join Nasdaq 100 with $2.1 billion in ETF share buying expected

Majority of altcoins may see a ‘slow bleed’ until late January 2025: VC

Back to Top

Ad Blocker Detected!

We've detected an Ad Blocker on your system. Please consider disabling it for Non Cult Crypto News.

How to disable? Refresh

Log In

Or with username:

Forgot password?

Don't have an account? Register

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

To use social login you have to agree with the storage and handling of your data by this website.

Add to Collection

No Collections

Here you'll find all collections you've created before.