Mining company Marathon Digital Holdings mined 1245 BTC in May. This is 77% more than in April and more than half of the figure for the entire first quarter.
$MARA‘s May Production Update is here:
— Produced a Record 1,245 BTC in May 2023 and 4,141 BTC Year-To-Date
— Increased Operational Hash Rate 9% to 15.2 EH/s and Installed Hash Rate 13% to 20.1 EH/s in May 2023
— Raised nearly $800,000 for #Bitcoin Core Developers in… pic.twitter.com/DrRR9R8N4X
— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) June 2, 2023
The growth in production is associated with an increase in hashrate and transaction fees, Marathon CEO Fred Thiel explained. The popularity of Ordinals and BRC-20 tokens has resulted in the value of fees exceeding the 6.25 BTC block reward in some cases. As a result, the share of commissions in the total volume of bitcoins received by the company for the month reached 11.8%, he noted.
In May, the firm increased its operating hash rate by 9% to 15.2 EH/s. The installed computing power was 20.1 EH/s. The figure takes into account equipment that is turned off for maintenance, repair, or for other reasons.
During the month, the company continued relocation and connection of new devices at enterprises in North Dakota (USA). At the end of May, the Marathon fleet amounted to ~133,600 ASIC miners.
It is expected that after the deployment of all purchased equipment, about 66% of the company’s hashrate will be generated by Antminer S19 XP. They are about 30% more energy efficient than previous generation units.
During May, Marathon sold 554 BTC. The firm’s cryptocurrency reserves reached 12,259 BTC. The total amount of cash and equivalents on the balance sheet of the company amounted to $97.3 million at the end of the month.
On May 18, Marathon partnered with the non-profit organization Brink to launch a $1 million initiative to support Bitcoin Core developers. As promised, the company made a $500,000 donation on May 22. In those four days, they raised another $300,000, Thiel said.
“We are incredibly grateful to the bitcoin community for rallying around this initiative to help the volunteers who maintain the open source protocol we all depend on. We call on every bitcoiner and cryptocurrency-related company to support the Bitcoin Core developers and join us to close the gap with the $1 million goal,” said the head of Marathon.
Recall, the company announced the creation of a large-scale mining enterprise in Abu Dhabi in partnership with Zero Two.
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