Marathon Digital Holdings, Inc., a leading bitcoin mining and blockchain technology company, has released its monthly report for May 2023, providing updates on its bitcoin production and mining operations. The company revealed impressive figures, showcasing its continued growth and success in the industry.
Marathon’s Bitcoin Production
During May, Marathon mined a total of 1,245 bitcoin (BTC), a remarkable 77% increase compared to the previous month and an outstanding 366% surge compared to May 2022. This substantial increase in bitcoin production can be attributed to the company’s efforts in boosting its operational and installed hash rates.
Marathon increased its operational hash rate by 9% to reach an impressive 15.2 exahashes per second (EH/s), while its installed hash rate rose by 13% to 20.1 EH/s. These improvements were driven by the significant rise in transaction fees, which accounted for nearly 11.8% of the total bitcoin earned in May.
In a collaborative effort with Brink, Marathon successfully raised close to $800,000 in support of Bitcoin Core developers. Marathon itself contributed $500,000 to this fundraising initiative, recognizing the crucial role played by the Bitcoin community in the advancement of the ecosystem.
Impressive Financial Position
As of May 31, 2023, Marathon reported holding $97.3 million in unrestricted cash and cash equivalents. Additionally, the company held 12,259 BTC, valued at approximately $333.7 million, demonstrating its strong position in bitcoin holdings.
CEO Fred Thiel attributed Marathon’s increased bitcoin production to the growth in hash rate and transaction fees. Thiel also acknowledged the positive impact of Ordinals on transaction fees in May, from which Marathon benefited due to its expanded scale and improved uptime.
Looking ahead, Marathon aims to reach a target hash rate of 23 EH/s by the middle of the year. The company’s construction efforts at Applied Digital’s facility in Ellendale are progressing as planned, and Marathon remains focused on optimizing its operational processes.
Momentum for Bitcoin Core Developers
On the financial front, Marathon sold 554 BTC in May to fund its monthly operations, manage its treasury, and address corporate needs. This resulted in the company ending the month with $97.3 million in unrestricted cash and cash equivalents.
Furthermore, Marathon and Brink continue their fundraising campaign for Bitcoin Core developers, with the aim of reaching a total of $1 million. Marathon has pledged to match donations up to $500,000, fulfilling this commitment within a mere four days. The ongoing campaign seeks to achieve the $1 million target and further support the development of Bitcoin Core.