Bitcoin mining company Marathon is expanding overseas.

Marathon, the world's largest Bitcoin mining company, has announced its performance in its latest quarterly report. Moreover, the company is significantly expanding its hash power and moving towards a global joint venture model for future growth.

In the year On November 14, Bitcoin mining expert Jaran Mellerud shared a report on Marathon's operations, noting how the mining giant is set to halve for BTC in less than six months.

Marathon is looking for growth abroad

Marathon is the largest public miner by hash rate, with 19.2 EH/s (exahashes per second) online. Moreover, the firm is also the largest public mine held by Bitcoin, the owner of a stack of 13,396 BTC with a current value of approximately $474 million.

According to the report, Marathon has increased its Bitcoin production by 467% in one year, expanding its hash rate from 7 EH/s a year ago.

This allowed the company to go from a paltry 416 BTC mined in Q3 2022 to a whopping 3,490 BTC in Q3 2023.

The report also indicated that Marathon may soon reach the goal of 23 EH/s. This is due to the closing of the facility in Garden City, Texas in November. It is also expected to be fully operational at 4.1 EH/s later in the month, but power supply to the site has been delayed since July.

However, he mentioned that the company is heading towards an international joint venture. These can make it a more geographically diversified miner and reduce production costs over time.

“As Marathon brings its final US-based hosting facilities online, it will focus more on expanding globally through joint ventures with local partners.”

The organization is fed up with the high costs and energy delays of its US-hosted facilities. It expects to expand by 30% by 2024, adding new facilities in Abu Dhabi and Paraguay.

Marathon's cost structure has improved but remains high compared to peers. Moreover, if the price of Bitcoin falls below $30,000, the margins could be squeezed after the halving.

Bitcoin Mining Ecosystem Outlook

The daily average hash rate of the Bitcoin network is currently 428 EH/s, which is close to an all-time high. This will put more pressure on the miners competing for the next block.

Speaking of competition, difficulty, which measures the levels of ‘work' required to mine on the network, is currently at a high of 64.6T.

The profitability of mining or hashing is low even as the price increases. It is currently $0.079 per TH/s per day, according to the Hashrate Index.

With high hash rates and low profitability, BTC mining is a struggle for all but the biggest players.