Bitcoin mining company MARA Holdings, formerly Marathon Digital, achieved a major milestone in May by producing a record 950 Bitcoins, representing a 35% increase from April. The company won 282 blocks, a 38% month-over-month increase, and expanded its energized hashrate to 58.3 exahashes per second (EH/s).
The CEO, Fred Thiel, credited the record performance to MARA's vertically integrated technology stack and its self-owned MARA Pool, which since launch has outperformed the network average block reward luck by over 10%. MARA Pool allows the company to keep all block rewards without paying fees to third parties. Transaction fees accounted for 1.5% of total rewards in May, slightly higher than the prior month.
MARA’s Bitcoin treasury has grown to approximately 49,228 BTC, worth about $5.3 billion, which matches the company's market capitalization. The company refrained from selling any Bitcoin in May, signaling confidence in holding its assets. This contrasts with Riot Platforms (RIOT), another Nasdaq-listed Bitcoin miner, which saw an 11% increase in production to 514 BTC but sold 500 BTC during the month.
Additionally, Riot Platforms announced acquiring 355 acres near its Corsicana, Texas site to expand data center development for high performance computing.
The news coincides with a bullish period for Bitcoin, which recently surged above $112,000, with MARA’s shares up 5.6% alongside a 2% rise in Bitcoin price over 24 hours. MARA’s "twin turbo strategy" involves buying, producing, and compounding Bitcoin, differing from typical treasury companies that primarily buy and hold.