Marathon Digital’s Bitcoin Mining Production Up 77% in May

• Marathon Digital’s Bitcoin mining output in May increased by 77% month-on-month.
• The bitcoin mining company mined a record 1,245 BTC in May 2023 due to increased hash rate and transaction fees.
• The bitcoin miner has increased its unlimited bitcoin holdings to 12,259 BTC, worth approximately $333 million.
• Shares of Marathon (MARA) surged nearly 7%, according to the latest mining indicators.

Bitcoin mining giant Marathon Digital has reported optimistic indicators for May 2023. The Fort Lauderdale-based company mined 77 percent more BTC in May compared to the previous month.Increase in mining output attributed to surge in hash rate and transaction volume cost

Due to the growing popularity of Bitcoin ordinals. The Bitcoin miner revealed that in some cases, transaction fees are so high that they exceed the block reward of 6.25 BTC.

Shares of Marathon Digital up 7%

Updates based on unaudited Bitcoin production and miner installations published Marathon Digital Holdings said the bitcoin mining company mined 1,245 BTC in May 2023, a 77% increase from April. The latest BTC increase brings the number of BTC mined by the company year-to-date to 4,141 BTC. The bitcoin miner also increased its operating hash rate by 9% to 15.2 EH/s in May and increased its hash rate by 13% to 20.1 EH/s. The bitcoin miner has increased its unlimited bitcoin holdings to 12,259 BTC, worth approximately $333 million.

As construction of Applied Digital’s Ellendale, North Dakota facility progresses and our fleet continues to optimize, we believe we are on track to achieve our goal of 23 EH/s by the middle of the year. ”

Fred Thiel, Chairman and CEO, Marathon Digital Holdings

Fred Thiel, CEO of Marathon, said that in addition to the bitcoin mining business, the company also partnered with Brink to raise nearly $800,000 for bitcoin core developers, of which $500,000 came from bitcoin miners. The latest Bitcoin mining indicators have had a bullish impact on Marathon Digital’s stock (MARA). Shares rose nearly 7% after the data for May 2023 was released. At the time of writing, the stock was trading at $10.03.