Marathon Digital Holdings mined $33.8 million of bitcoin in May

Marathon Digital Holdings, Inc., a bitcoin mining and blockchain technology company, shared updates regarding its bitcoin production and mining operations for May 2023.

The firm also revealed that it mined 1,245 bitcoin (BTC) in May, a 77% increase from April and a 366% jump compared to May 2022.

The company increased its operational hash rate by 9% to 15.2 exahashes per second (EH/s) and raised its installed hash rate by 13% to 20.1 EH/s.

These augmentations in Marathon’s operations were primarily driven by a rise in transaction fees, constituting nearly 11.8% of the total bitcoin earned in May.

Working with Brink, Marathon successfully collected close to $800,000 in support of Bitcoin Core developers, of which Marathon directly contributed $500,000. The management acknowledged the Bitcoin community’s significant role in this fundraising initiative.

As of May 31, 2023, the company reported having $97.3 million in unrestricted cash and cash equivalents and 12,259 BTC (valued at approximately $333.7 million) in available bitcoin holdings.

Fred Thiel, CEO of Marathon, attributed the growth in bitcoin production to increased hash rate and transaction fees. He also pointed out the impact of Ordinals in pushing up transaction fees in May, which Marathon benefited from due to its expanded scale and improved uptime.

Regarding the company’s future outlook, Marathon plans to reach a target hash rate of 23 EH/s by the middle of the year. The construction at Applied Digital’s facility in Ellendale is in progress, and Marathon Digital continues to optimize processes.

Cost of operation, fundraising for Bitcoin developers

On the financial side, Marathon sold 554 BTC in May to fund its monthly operations, manage its treasury, and for other corporate needs, ending the month with $97.3 million in unrestricted cash and cash equivalents.

Marathon and Brink also conducted a fundraising campaign on May 18, 2023, intending to raise $1 million for Bitcoin Core developers.

Marathon pledged to match donations up to $500,000, a pledge it fulfilled within four days. The fundraising campaign is still ongoing, aiming to reach the $1 million mark.