Bitcoin miner MARA Holdings produced a record 950 Bitcoin in May, marking a 35% increase from April as the cryptocurrency’s price soared above $112,000.
The Dallas-based company attributed the surge to a 38% rise in block wins, totaling 282 blocks, while operating at a hashrate of 58.3 exahash per second. The performance demonstrates efficiency gains following Bitcoin’s halving event, despite reduced block rewards.
MARA’s strategy of holding all mined Bitcoin contrasts sharply with competitor approaches. The company now holds 49,228 Bitcoin valued at $5.3 billion, while rival Riot Platforms sold 500 of its 514 mined Bitcoin in May.
“May was a record-breaking month for MARA with 282 blocks won, a 38% increase over April and a new monthly high,” said MARA’s CEO Fred Thiel, referring to the probabilistic nature of Bitcoin’s proof-of-work mining system that can significantly impact outcomes.
Bitcoin’s April 2024 halving event cut mining rewards in half, a built-in mechanism designed to control the cryptocurrency‘s supply. Despite this reduction, major mining operations like MARA have maintained profitability through operational improvements and favorable market conditions.
The cryptocurrency’s May price surge, as tracked by financial data providers, has validated MARA’s holding strategy while highlighting divergent approaches within the mining industry regarding Bitcoin sales and treasury management.
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