Bitcoin mining giant MARA Holdings has revealed its financial commitment for the past year relating to the top coin
MARA Holdings, a Bitcoin mining powerhouse, took an inventive approach in 2024 to tackle the mining challenges. According to the company, it used innovative tech and smart financial moves to stay ahead. This strategy further cements the company’s spot as a leader in the ever-competitive world of Bitcoin.
The MARA Holdings Big Bitcoin Lending Move
In a year of innovation, MARA made headlines by lending 7,377 Bitcoin. This was not just a bold financial experiment. It was a calculated effort to cover the enormous costs of running its energy-hungry mining operations.
Robert Samuels, MARA’s VP of investor relations, said the program targeted short-term loans to reliable partners. It also provided a modest return. Notably, MARA did not share details about its earnings or partners.
However, the plan was simple: generate extra income while staying focused on its long-term Bitcoin goals. This move showed MARA’s focus on both growth and stability. 2024 was not without its hurdles despite the significant success recorded in the industry.
April brought the Bitcoin halving, cutting mining rewards in half to 3.125 BTC. Miners like MARA had to double down on efficiency to stay profitable. MARA did not flinch.
Instead, it boosted its mining power, achieving an impressive 53.2 exahashes per second (EH/s) by the end of the year. This made MARA the first publicly traded mining company to hit such a high computing capacity. This showcases its ability to lead in tough times.
While others struggled to adapt, MARA doubled down on Bitcoin. The company mined 9,457 BTC and bought another 22,065 BTC, paying an average of $87,205 per coin. By December, its reserves had swelled to 44,893 BTC, a bold bet on Bitcoin’s future.
MARA raised $1.9 billion through zero-interest convertible notes due in 2030 and 2031 to fund this massive buying spree. This aggressive strategy caught the attention of industry heavyweight Michael Saylor.
The MicroStrategy Chairman praised MARA’s vision and hinted it could soon join the elite Nasdaq 100 index.
The U.S. Mining Boom
MARA’s success mirrored a larger trend in the United States, which dominated Bitcoin mining in 2024. U.S.-based mining pools like Foundry USA and MARA Pool accounted for over 38.5% of all Bitcoin blocks mined.
This helped the country secure over 40% of the global mining power. Foundry USA alone grew its capacity from 157 EH/s to 280 EH/s by the end of the year. This showcased the rapid rise of American mining.
Despite the U.S. surge, China remained a force to reckon with, controlling 55% of global mining power. This dominance persisted despite a 2021 government ban. This comes as Chinese miners cleverly bypassed restrictions using VPNs and other tools to stay active.
The Bitcoin mining world saw other major developments. Bitmain, a leading hardware company, expanded its production to the U.S. Meanwhile, Jack Dorsey’s Block redirected resources from projects like Tidal and “Web5” to focus on Bitcoin mining and self-custody wallets.
MARA’s story is a testament to resilience and creativity, setting the stage for an even more exciting 2025.
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