MARA Holdings December 2024 Production Update

Bitcoin miner MARA Holdings released its December 2024 production update, detailing the results of its latest mining activity and disclosing the existence of short-term third-party loans intended to generate a modest yield for the company.

In its production update, MARA said that as of Dec. 31, 7,377 BTC, or 16.4% of its BTC reserves, was currently deployed in short-term third-party loans in an effort to generate additional yield for shareholders.

MARA’s vice president of investor relations, Robert Samuels, later provided more details about the lending program in a post on X. According to Samuels, the lending program, which has been active throughout 2024, “focuses on short-term arrangements with well-established third parties” and generates a “modest single-digit yield,” though the identity of the borrowers was not disclosed.

In 2024, the company purchased 22,065 BTC at an average price of $87,205 and mined 9,457 BTC more, bringing its reserves to a total of 44,893 BTC, a sum worth over $4.4 billion at current prices.

In the production update, MARA also announced that it surpassed its energized hash rate target of 50 EH/s in 2024, reaching a peak of 53.2 EH/s, although a “slight decrease in luck” resulted in a 2% decrease in overall BTC production compared to November.

Despite a dip in October, Bitcoin’s monthly hash rate reached an all-time high in December, according to The Block’s data.

CEO and chairman Fred Thiel stated, “As a miner that mines and buys bitcoin, the hybrid approach provides us significant flexibility to acquire bitcoin at attractive prices. We believe this dual approach strengthens our position and enhances our ability to deliver long-term shareholder value.”