Marathon Digital increased its production by 77% to 1,245 BTC in May

Marathon Digital Holdings mined a record-high fig of Bitcoin (BTC) successful May, expanding its accumulation by 77% compared to April 2023. The mining steadfast produced 1,245 BTC successful May — up 366% from May 2022.

Marathon’s president and CEO Fred Thiel explained that the spike successful BTC accumulation was a nonstop effect of the summation successful the firm’s hash complaint and BTC transaction fees.

The emergence of Bitcoin Ordinals Inscriptions, which are akin to non-fungible tokens (NFTs) connected different blockchains, caused a important uptick successful Bitcoin transaction fees past month. In immoderate cases, the transaction fees exceeded the 6.25 BTC artifact reward, making mining lucrative.

Thiel said:

“With our standard and our improved uptime during the month, we were capable to capitalize connected this opportunity. While specified abnormally precocious transaction fees are historically rare, we judge these events tin service arsenic a affirmative motion for the aboriginal of mining economics.”

The emergence successful BTC transaction fees accounted for astir 11.8% of the full Bitcoin Marathon Digital mined successful May, Thiel said.

Marathon Digital, 1 of the world’s largest mining firms, accrued its operational hash complaint by 9% month-over-month to 15.2 exahashes successful May. The steadfast besides said it accrued its installed hash complaint by 13% month-over-month to 20.1 exahashes.

As of June 1, Marathon Digital had an operating fleet of astir 133, 600 Bitcoin miners susceptible of producing 15.2 EH/s. The steadfast aims to scope its extremity of 23EH/s by the mediate of this year.

The mining elephantine sold 554 BTC past period and held 12,259 BTC arsenic of June 1. The steadfast besides had $97.3 cardinal successful unrestricted currency and currency equivalents. The steadfast plans to proceed selling portion of its Bitcoin holdings to enactment its monthly operations, negociate its treasury, and for wide firm purposes.

The station Marathon Digital accrued its accumulation by 77% to 1,245 BTC successful May appeared archetypal connected CryptoSlate.