Marathon Increases Impressively 77% Bitcoin Mining In May

Key Points:

• Marathon Digital created a record 1,245 Bitcoins in May, a 77% increase over the previous month and a massive 366% increase over May 2022.
• In its balance sheet at the end of the month, the miner had $97.3 million in unrestricted cash and cash equivalents.
• In May, its operational fleet rose to around 133,600 Bitcoin miners.

Marathon Digital Holdings, a well-known Bitcoin mining company, has revealed its unaudited May 2023 data for Bitcoin (BTC) output and miner installation, which indicate tremendous growth and record-breaking numbers.

Marathon generated 1,245 Bitcoins in May, a 77% rise over the previous month and a staggering 366% gain over May 2022. The company’s operational fleet has grown to over 133,600 Bitcoin miners.

The crypto miner boosted its operating hash rate to 15.2 EH/s by 9% M/M and its installed hash rate to 20.1 EH/s by 13% M/M. By constant fleet improvements and continuing development at Applied Digital’s factory in Ellendale, ND, the firm is on target to meet its goal of 23 EH/s by mid-year. On June 1, its unrestricted BTC holdings had climbed by 6% from the previous month to 12,259 BTC.

Marathon had $97.3 million in unrestricted cash and cash equivalents on its balance sheet at the end of the month. In May, the business boosted its average BTC production per day by 40.2%.

Marathon’s Chairman and CEO, Fred Thiel, attributed the huge increase in production to a greater hash rate and a big increase in transaction fees. Importantly, transaction fees contributed to around 11.8% of Marathon’s monthly Bitcoin profits, with costs exceeding the 6.25 BTC block reward in certain cases owing to the addition of Ordinals. Marathon profited from these extremely high transaction fees by leveraging its scale and greater dependability.

Moreover, Marathon just collaborated with Brink to generate up to $1 million in financing for the Bitcoin Core founders. Within four days, the cooperation collected roughly $800,000, with Marathon contributing $500,000.

Thiel thanked the Bitcoin community for their enthusiastic support of this project, which aims to encourage unpaid contributors who help the open-source system run smoothly. Marathon welcomes all Bitcoin users and Bitcoin-related businesses to participate in order to accomplish the $1,000,000 goal.

The firm chose to sell 554 BTC in May and wants to sell a percentage of its Bitcoin holdings in the future to maintain monthly operations, manage its treasury, and for general corporate objectives.

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Harold

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