Marathon Digital Solidifies Position as World's Largest Publicly Traded Bitcoin Miner

Marathon continues to pull away from the former leader, Core Scientific.

AccessTimeIconAug 3, 2023 at 1:22 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Marathon Digital Holdings (MARA) solidified its position in July as the world's largest publicly traded bitcoin miner by self-mining hashrate, meaning computing power in its facilities that mines for its own wallets as opposed to those for clients.

In June, Marathon reported 17.7 exahash/second (EH/s) of operational computing power on the bitcoin network, also known as hashrate, outpacing the formerly largest public miner Core Scientific (CORZ), which had 15 EH/s of mining machines installed. Now in July, Marathon has reported a hashrate of 18.8 (EH/s), while Core Scientific has been bogged down in bankruptcy proceedings since December 2022. Core's self-mining hashrate has remained largely unchanged since the month prior to its Chapter 11 filing.

  • Big Tech Comes to Small Town: A Bitcoin Mining Story in Spur
    15:03
    Big Tech Comes to Small Town: A Bitcoin Mining Story in Spur
  • What's the Biggest Misconception People Have About Bitcoin Mining?
    00:39
    What's the Biggest Misconception People Have About Bitcoin Mining?
  • What You Need to Know About the Bitcoin Halving
    01:47
    What You Need to Know About the Bitcoin Halving
  • Bitcoin Miner Bitfarms Warns of Default
    04:20
    Bitcoin Miner Bitfarms Warns of Default
  • Putting last year's bad weather and operational delays behind it, Marathon has been plugging in machines at a rapid pace in 2023, almost tripling its operational hashrate to hit the 15 EH/s mark in May. Marathon's stock price is up 360% in 2023, according to TradingView data, with the price of bitcoin rising about 76% year to date.

    Other bitcoin miners are also racing to plug in the newest machines in advance of the bitcoin halving, an event coded into bitcoin's fundamentals in which the rewards that miners get for successfully mining a bitcoin block are cut in half. The next halving is estimated to occur some time in April 2024.


    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Eliza Gkritsi

    Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.