Bitcoin mining company Marathon Digital generated $35 million worth of BTC last month.
The recovery of the cryptocurrency market and the increase in activity in the Bitcoin network also positively affected Bitcoin mining revenues. In particular, Bitcoin Ordinals managed to make miners smile.
Bitcoin mining revenue, which has increased compared to last year, has also brought companies out of the difficult processes. Marathon Digital, one of the largest Bitcoin mining companies in the USA, released a record level of BTC last month.
Marathon Digital Generated 1,245 BTC in May
Bitcoin mining company Marathon Digital produced 77 percent more BTC last month than the previous month. The company mined 1,245 BTC in May. The average value of these BTCs is around $35 million.
Fred Thiel, CEO of Marathon Digital, evaluated the situation. Thiel said:
The increased production was due to the increased hash rate and the significant increase in transaction fees, which accounted for about 11.8 percent of the total Bitcoin we earned last month. The emergence of the rankings significantly increased transaction fees in May, and these fees were high enough in some cases to exceed the 6.25 BTC block reward.
According to the balance sheet report shared by the company, the average daily production of Marathon was 40.2 BTC in May. The US company increased its daily production by 72 percent compared to the previous month.
Last month, Marathon’s approximately 5,500 Bitcoin miners were allocated new energy. In addition, Marathon continued its financial moves to support Bitcoin Core developers.
The share value of Marathon, which has steadily gained momentum in the mining sector, is traded on the NASDAQ with an increase of 2 percent today.
$MARA's May Production Update is here:
– Produced a Record 1,245 BTC in May 2023 and 4,141 BTC Year-To-Date
– Increased Operational Hash Rate 9% to 15.2 EH/s and Installed Hash Rate 13% to 20.1 EH/s in May 2023
– Raised nearly $800,000 for #Bitcoin Core Developers in… pic.twitter.com/DrRR9R8N4X— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) June 2, 2023
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