Bitcoin Mining Titan MARA Holdings Sets Record with 950 BTC in May
Bitcoin Mining Operations by MARA Reach All-Time High in May
MARA Holdings, formerly known as Marathon Digital, smashed its monthly Bitcoin production record in May, mining a staggering 950 BTC. This represents a whopping 35% increase from April.
The crypto mining behemoth managed to win 282 blocks and boosted its hashrate to an impressive 58.3 exahash per second, marking a 38% month-over-month increase. This surge comes amidst a broader uptick in the crypto markets, fueled by a favorable environment for risk-on assets. Bitcoin, currently trading above $106,000, has seen a 2% boost over the past 24 hours.
MARA's swell in productivity is no accident; Bitcoin miners compete to solve complex mathematical problems to validate transactions on the Bitcoin network. When a miner mines a block, they essentially guess the correct answer before anyone else, a feat they claim to have achieved more often in May due to luck and efficient operations. A miner's power is measured in exahashes, a unit representing one quintillion educated guesses per second.
The increased win rate and favorable block reward luck contributed to MARA's new record production, with CEO Fred Thiel attributing some of this success to MARA Pool's 10% superior block reward luck compared to the network average since its launch. As a result, MARA's Bitcoin treasury swelled to an impressive 49,228 BTC, worth a mind-boggling $5.3 billion.
It's worth noting that MARA didn't sell any Bitcoin in May, meaning its Bitcoin holdings now equal its $5.3 billion market capitalization. When asked about this phenomenon, MARA failed to immediately respond to Decrypt's queries.
Meanwhile, MARA's closest competitor, Riot Platforms, experienced more modest gains. Riot's BTC production rose by 11% to 514 BTC in May. However, unlike MARA, Riot sold 500 Bitcoin during the same period.
Riot's CEO, Jason Les, commented on the increase, sharing that the company had closed on the acquisition of 355 acres adjacent to its existing Corsicana site in Texas. Les explained that this new land would help support the development of data centers to serve high-performance compute tasks, which typically require larger footprints than Bitcoin mining for the same power capacity.
In sum, MARA's success story continues with record Bitcoin production, while Riot Platforms grapples with more modest gains. Investors seem unbothered by the discrepancy, as MARA's share price has risen 5.6% since the opening bell, trading for $15.15.
- MARA Holdings, a Bitcoin mining titan, exceeded its monthly Bitcoin production record in May, mining an astounding 950 BTC.
- This crypto mining behemoth increased its hashrate to 58.3 exahash per second and mined 282 blocks, a 38% month-over-month increase.
- Bitcoin miners compete to solve complex mathematical problems and validates transactions on the Bitcoin network, and MARA was able to achieve this more often in May, boasting a 10% superior block reward luck compared to the network average.
- As a result, MARA's Bitcoin treasury swelled to an impressive 49,228 BTC, worth approximately $5.3 billion, and the company did not sell any Bitcoin in May.
- In contrast, MARA's closest competitor, Riot Platforms, experienced less substantial gains, with a 11% increase in BTC production to 514 BTC, but sold 500 Bitcoin during the same period.
