Marathon Digital Holdings Sets New Bitcoin Production Record: Mined 1,245 Bitcoins in May 2023
Marathon Digital Holdings, a prominent player in the Bitcoin ecosystem, has released its unaudited Bitcoin production and miner installation updates for May 2023. The company reported record-breaking Bitcoin production, with 1,245 Bitcoin mined during the month. This represents a staggering 77% increase from the previous month and a remarkable 366% surge compared to May 2022.
Marathon attributed the spike in production to an increased hash rate and a significant rise in transaction fees. Transaction fees accounted for approximately 11.8% of the total Bitcoin earned by the company in the last month. The emergence of Ordinals, a decentralized finance platform, led to unusually high transaction fees, some of which surpassed the 6.25 BTC block reward.
Marathon capitalized on this opportunity, leveraging its scale and improved uptime to maximize profits. While such high transaction fees are historically rare, Marathon views them as a positive sign for the future of mining economics.
In terms of hash rate, Marathon increased its operational hash rate by 9% month-over-month to 15.2 exahashes, while its installed hash rate rose by 13% to 20.1 exahashes. The company aims to reach its target of 23 EH/s by mid-year, with the construction of Applied Digital’s facility in Ellendale, ND progressing smoothly and ongoing optimizations across its mining fleet.
Marathon also made headlines in May for its collaboration with Brink, an organization supporting Bitcoin Core developers. The two entities launched an initiative to raise up to $1 million to support these developers. Within four days, they collectively raised nearly $800,000, with Marathon contributing $500,000. The company expressed its gratitude to the Bitcoin community for rallying behind this important cause and encouraged others to contribute to bridge the gap and reach the $1 million goal.
As for financial highlights, Marathon reported total cash, cash equivalents, and restricted cash of $97.3 million as of May 31, 2023. The company holds a total of 12,259 BTC, all of which are unrestricted. Marathon sold 554 BTC in May and plans to sell a portion of its Bitcoin holdings in the future to support operations, manage its treasury, and for general corporate purposes.
Investing in Marathon’s securities comes with a high degree of risk, as highlighted in the investor notice. The company cautions potential investors to carefully consider the risks and uncertainties associated with its operations.
Marathon Digital Holdings is a digital asset technology company focused on supporting and securing the Bitcoin ecosystem. It aspires to become one of the largest and most sustainably powered Bitcoin mining operations in North America. The company’s impressive Bitcoin production and mining updates for May 2023 indicate its continued growth and success in the ever-evolving cryptocurrency industry.
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