Marathon Digital (MARA) Mined 77% More Bitcoin (BTC) in May With the Help of Its Software

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Bitcoin miner Marathon Digital Holdings (MARA) mined 1,245 bitcoins in May, up 77% from the previous month with the help of its proprietary software.

The increase in production was due to an increase in the hash rate and a significant increase in transaction fees, which accounted for approximately 11.8% of the total bitcoins we earned last month,” said CEO Fred. Thiel in a Friday press release. The miner has also increased its operational computing power by 9% to 15.2 exahash/second (EH/S), according to the statement.

Thiel attributed the majority of the increase to Marathon’s proprietary software in an interview with CoinDesk TV on Friday. The software gives Marathon the “ability to control machine output, machine availability, increase and decrease machine hash rate,” he said.

At the beginning of May, miners saw their income increase thanks to higher transaction fees due to the popularity of ordinals. The protocol added functionality to the bitcoin blockchain, such as non-fungible tokens and memecoins, increasing the demand for block space. As a result, the fees miners receive for processing transactions exceeded block rewards in early May.

Marathon’s 77% increase in bitcoin production in May could likely be attributed to the fact that it was not running its machines at full capacity in April, so it potentially had plenty of room to increase production. the next month.

Marathon over the past month produced noticeably little bitcoin per exahash, which can be partly attributed to the downtime of its mining machines. In April, Marathon mined 50 bitcoins per exahash of computing power, the fewest out of 14 publicly traded miners. In comparison, in April peer CleanSpark (CLSK) mined 78 bitcoins, Riot Platforms (RIOT) had 61 and Hive Blockchain (HIVE) produced 81 bitcoins per exahash.

Marathon’s shares on the Nasdaq were down about 2% on Friday, roughly matching the performance of other miners that day.

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