Marathon Digital miner increases its BTC production by 77% in May

This is 366% more than over the same period in 2022

02.06.2023 - 14:25

318

2 min

What’s new? In May, US mining company Marathon Digital increased its bitcoin production by 77%, to 1245 BTC. This is 366% more than over the same period in 2022. Marathon CEO Fred Thiel explained that the surge in BTC mining was a direct result of the firm’s increased hashrate and transaction fees. Support for NFTs based on the Ordinals protocol on the Bitcoin network caused a significant increase in bitcoin transaction fees last month. In some cases, it exceeded the per-block fee of 6,25 BTC, making mining profitable.

Marathon’s report

What else does the report say? According to Thiel, while such abnormally high transaction fees are historically rare, the Marathon team believes these events may be a positive sign for the future of the mining economy. According to him, BTC transaction fees accounted for about 11,8% of the total number of bitcoins mined by Marathon in May.

In addition, Marathon increased its operating hashrate by 9% in May compared to the previous month, to 15,2 EH/s. The company also reported that its installed hashrate increased by 13% for the month to 20,1 EH/s.

As of June 1, Marathon Digital had an active fleet of 133 600 BTC mining rigs capable of producing 15,2 EH/s. The company intends to reach its goal of 23 EH/s by the middle of this year.

In January, Marathon sold 1500 BTC for the first time ever amid a 39% surge in the asset’s price. The proceeds were used to fund operating expenses.

In May, Marathon partnered with Zero Two to set up two cryptocurrency mining facilities in Abu Dhabi. It is known that the total capacity of the farms will be 250 MW and the hashrate will be 7 EH/s.

Author: