Marathon Digital Reports 77% Increase in Bitcoin Mined During May

• The miner has enhanced its operational processing capacity by 9%, reaching 15.2 exahash/second (EH/S).
• Higher transaction fees generated increased revenue for miners at the start of May.

Utilizing its proprietary software, Bitcoin miner Marathon Digital Holdings (MARA) extracted 1,245 bitcoin in May, marking a 77% rise compared to the prior month. As stated in the announcement, the miner has increased its operational processing capacity by 9%, now totaling 15.2 exahash/second (EH/S).

CEO Fred Thiel remarked:

“The rise in production was attributed to an enhanced hash rate and a notable increase in transaction fees, which represented approximately 11.8% of the total bitcoin we earned last month.”

In-house Developed Software

Thiel noted that a significant portion of the growth can be linked to Marathon’s internally developed software. The software has provided Marathon with the “capability to manage the output of the machines, the uptime of the machines, and to scale the hash rate of the machines up and down.”

Marathon operates its own mining pool, which allows for adjustments in BTC production to align with expected values, according to Ethan Vera, COO of mining services firm Luxor Technologies.

At the beginning of May, increased transaction fees resulted in higher earnings for miners as Ordinals gained traction. The heightened demand for blocks can be attributed to the protocol’s success in adding new functionalities to the Bitcoin blockchain, including non-fungible tokens (NFTs) and memecoins.

Consequently, in early May, the transaction fees collected by miners surpassed the block rewards they received. Vera indicated that Ordinals significantly benefited large-scale miners like Marathon.

Marathon likely had considerable capacity to enhance its production in May, particularly after not operating its machines at full capacity in April.