Marathon Digital Holdings mined a record number of bitcoin (BTC) in May, increasing its production by 77% compared to April 2023. The miner produced 1,245 BTC in May, up 366% from May 2022.
Marathon Chairman and CEO Fred Thiel explained that the surge in BTC production is a direct result of the company’s increase in hash rate and BTC transaction fees.
The emergence of bitcoin ordinals inscriptions, which resemble non-fungible tokens (NFTs) on other blockchains, led to a significant increase in bitcoin transaction fees last month. In some cases, transaction fees exceeded the 6.25 BTC block reward, making mining lucrative.
Thiel said:
“Thanks to our size and our improved uptime during the month, we were able to take advantage of this opportunity. While such unusually high transaction fees are historically rare, we believe these events can bode well for the future of the mining economy.”
The surge in BTC transaction fees accounted for about 11.8% of the total Bitcoin Marathon Digital mined in May, Thiel said.
Marathon Digital, one of the world’s largest mining companies, increased its operational hash rate by 9% month-on-month to 15.2 exahashes in May. The company also said it increased its installed hash rate by 13% month-on-month to 20.1 exahashes.
As of June 1, Marathon Digital had an operating fleet of approximately 133,600 Bitcoin miners capable of producing 15.2 EH/s. The company aims to reach its target of 23EH/s by the middle of this year.
The mining giant sold 554 BTC last month and held 12,259 BTC as of June 1st. The Company also had $97.3 million in unrestricted cash and cash equivalents. The company plans to continue selling a portion of its bitcoin holdings to support its monthly operations, manage its finances, and for general corporate purposes.
Posted in: Bitcoin, Mining
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