Bitcoin mining giant MARA has intensified competition in the network with its MARA Pool mining 820 BTC in November, setting a new record since January.
Network data reveals that MARA Pool produced 254 Bitcoin blocks in November (UTC), earning 793.7 BTC from block subsidies and 26.7 BTC from transaction fees. This is the highest monthly production by MARA Pool since January, partly due to the low uptime MARA experienced earlier this year.
With Bitcoin’s average hashrate recorded at 731 EH/s in November, MARA Pool’s block production suggests a realized hashrate of 42.7 EH/s. This indicates the installation of additional mining rigs throughout November as the company reported an end-of-month operating capacity of 40.2 EH/s in October.
MARA Pool’s reported Bitcoin production excludes contributions from MARA's joint ventures, which have provided an estimated average of 2.1 EH/s additional hashrate over the past six months. Including Bitcoin production from these ventures, MARA’s total November output could surpass 860 BTC, positioning the company for a potential record since March, the last full month before the 2024 Halving.
MARA’s increased Bitcoin production reflects escalating competition among leading Bitcoin mining firms vying to expand hashrate capacity and bolster investor confidence. Consequently, Bitcoin’s average network hashrate rose 3.8% in November, climbing to 731 EH/s from 704 EH/s in October. The 27 EH/s increase is equivalent to approximately 100,000 Antminer S21 Pro units being added to the network.
In addition to production gains, MARA stockpiled Bitcoin reserves in November. The company announced the purchase of 5,771 BTC on November 23 and 703 BTC on November 27, utilizing over $600 million of the $1 billion raised through convertible notes.
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