Marathon Digital’s Bitcoin Mining Output Up 77% In May

  • Marathon Digital’s Bitcoin mining output in May is up 77% from the previous month.
  • The Bitcoin mining firm mined a record 1,245 BTC during May 2023 thanks to increased hash rates and transaction fees.
  • The Bitcoin miner has increased its Unrestricted Bitcoin Holdings to 12,259 BTC, worth roughly $333 million.
  • Marathon’s stock (MARA) surged by almost 7% following the latest mining metrics.

Bitcoin mining giant Marathon Digital has reported optimistic metrics for the month of May 2023. The Fort Lauderdale-based firm mined 77% more BTC in May as compared to the previous month. The increase in mining output was attributed to surging hash rates and transaction fees

thanks to the growing popularity of Bitcoin ordinals. The Bitcoin miner revealed that in some cases transaction fees were so high that they exceeded the 6.25 BTC block reward.

Marathon Digital’s Share Price Up 7%

According to the unaudited Bitcoin production and miner installation updates published by Marathon Digital Holdings, the Bitcoin mining firm mined 1,245 BTC during May 2023, marking a 77% increase from April. The latest BTC addition brought the firm’s year-to-date mined BTC number to 4,141 BTC. The bitcoin miner also increased its operational hash rate by 9% to 15.2 EH/s and installed hash rate by 13% to 20.1 EH/s in May. The Bitcoin miner has increased its Unrestricted Bitcoin Holdings to 12,259 BTC, worth roughly $333 million. 

With the construction of Applied Digital’s facility in Ellendale, ND progressing and optimizations across our fleet continuing, we believe we are on track to reach our 23 EH/s target near the middle of this year.”

Fred Thiel, Chairman and CEO of Marathon Digital Holdings

Marathon’s CEO Fred Thiel stated that apart from the Bitcoin mining operations, the firm also collaborated with Brink to raise nearly $800,000 for Bitcoin core developers, of which $500,000 was contributed by the Bitcoin miner. The latest Bitcoin mining metrics had a bullish impact on Marathon Digital’s stock (MARA). The share price gained nearly 7% after the numbers for May 2023 were released. At the time of writing, the stock was trading at $10.03.