tl;dr
Bitcoin miner MARA Holdings set a new monthly record in May by producing 950 Bitcoin, a 35% increase from April, winning 282 blocks, a 38% rise, and growing its energized hashrate to 58.3 exahash per second. This boost occurred as Bitcoin prices surged above $112,000. MARA's CEO attributed some gain...
Bitcoin miner MARA Holdings set a new monthly production record in May by mining 950 BTC, a 35% increase from April. This remarkable growth was driven by a 38% rise in block wins to 282 and an energized hash rate boost to 58.3 exahash per second, coinciding with Bitcoin’s surge above $112,000. MARA’s CEO attributed some of these gains to favorable block reward luck.
MARA’s Bitcoin treasury expanded to 49,228 BTC, valued at around $5.3 billion, matching the company’s market capitalization. Notably, MARA did not sell any Bitcoin during May. Its “twin turbo strategy” of buying, producing, and compounding Bitcoin has grown its holdings by 174% over five quarters, signaling an aggressive accumulation approach.
In contrast, rival Riot Platforms reported an 11% increase in Bitcoin production to 514 BTC in May but sold 500 BTC within the same period. Riot also expanded its operational footprint by acquiring 355 acres near its Corsicana, Texas site to support data center development for high-performance computing beyond Bitcoin mining.
Bitcoin mining involves solving complex mathematical puzzles to validate transactions. The term “winning” a block means being the first miner to solve these puzzles, earning Bitcoin rewards and transaction fees. MARA’s increase in won blocks contributed significantly to its production record, with the company outperforming the network average in block reward luck by over 10% since launch.
MARA’s market response was positive, with its stock rising 5.6% to $15.15 following the announcement. The company’s alignment of Bitcoin holdings and market cap reflects a stronger valuation tied closely to its treasury assets, a marked improvement from previous periods.
Meanwhile, Riot Platforms is diversifying its operations by investing in infrastructure aimed at broader high-performance computing tasks, indicating a strategic expansion beyond cryptocurrency mining. This move highlights the evolving landscape where mining companies leverage their energy and technical resources for broader technological applications.