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Bitcoin Layer-2s Growing in Favor, Marathon Digital Purchases Mining Facilities

Dec 20, 2023
Author
Tom Couture
Tom Couture AC
Market Update The “Santa Clause rally” is in full effect within equity markets, as the QQQ (+0.08%) has made a new all-time high, and the SPY (+0.07%) is less than 1% away from doing the same. Crypto markets are joining the fun, with $BTC (+3.90%) rising to just under $44k and $ETH (+2.99%) trading near $2,350. Bitcoin layer-2, Stacks ($STX), is outperforming today, rising over 26% amid Bitcoin monthly transactions reaching an all-time high, driven by the increasing popularity of inscriptions. Similarly, Elastos ($ELA) has risen 188% in the last two days following the release of its new Bitcoin layer-2 whitepaper. Bitcoin miner Marathon Digital (MARA) has acquired two additional mining facilities from Generate Capital subsidiaries. The two facilities are located in Texas and Nebraska and were purchased for $178.6 million in cash. The transaction will increase the size of Marathon’s mining capacity by 56%, from 584 megawatts to 910 megawatts, and give them the room to double its current operational hash rate by about 50 exahashes over the next 18-24 months. Mining companies continue to prepare for the 2024 bitcoin halving as this marks the second notable expansion purchase this month. Riot Blockchain bought $291 million in mining rigs two weeks ago. Additionally, miners a

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