Marathon Digital’s May results published on Friday show that the Bitcoin miner has significantly increased the number of BTC it produced compared to April. The company also revealed it had managed to capitalize on the heightened transaction fees thanks to its scale and “improved uptime”.
Marathon’s May Production Up 366% From Same Month in 2022
This Friday, the Bitcoin mining company Marathon Digital published its results for May. During the month, the firm produced a record 1,245 BTC. This is a 77% increase from April when it produced 702.
Additionally, the results show a significant increase from May 2022 when Marathon produced 267 Bitcoin. The miner also continued its increase in hash rate which is up to 15.2 from 3.9 in the same month last year. By May 31st, the company’s unrestricted Bitcoin holdings stood at 12,259.
In the press release, Marathon also took note of the heightened transaction fees during the months that resulted from the surging popularity of Bitcoin Ordinals. The company stated it had managed to capitalize on the phenomenon thanks to its scale and “improved uptime” and described the trend “as a positive sign for the future of mining economics.”
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BTC Miners Recover From 2022’s “Crypto Winter”
Bitcoin miners were hit very hard by the “crypto winter” throughout 2022 which even sent some major firms into bankruptcy. By late December, it was reported that they were forced to sell more than 99% of their mined BTC to stay afloat.
The companies, however, received a respite already in January with a significant Bitcoin rally which saw their revenues increase by about 50% in that month. This year also saw several favorable developments on the legislative side as multiple US states passed bills guaranteeing certain protections for cryptocurrency miners, and, in late May, an anti-mining bill was prevented in Texas.
Marathon itself announced a major expansion in early May. The Bitcoin miner partnered with Zero Two, a company based in Abu Dhabi, and is planning to build a large-scale operation in the city. The project is also notable as it will use a custom-built liquid system for cooling ASIC machines in the desert heat.
Do you think the assessment that Ordinals-driven heightened transactions fees are a positive sign for the future of mining is correct? Let us know in the comments below.
The post Marathon Digital Reports it Has Mined a Record 1,245 BTC in May appeared first on Tokenist.