2022 has been a very challenging year for miners as well as crypto investors.
The consecutive declines of Bitcoin caused the miners to be unable to cover their costs and expenses, and the miners to sell their BTCs.
However, despite these difficult conditions, Marathon Digital, one of the largest mining companies in the world, announced in October 2022 that it had issued 615 Bitcoins and achieved the highest monthly total in its history.
The rise of Bitcoin since the beginning of 2023 has also relieved miners. In this context, Marathon Digital announced that they produced a record number of Bitcoins in May.
Marathon Digital, which produced 1,245 BTC in May, stated that it has produced 4,141 BTC since the beginning of 2023.
The company also added that it increased its operational hash rate by 9% to 15.2 EH/s in May 2023.
In the statement, it was noted that the number of Bitcoins produced in May increased by 77% compared to the number of BTC in April and by 366% compared to May of 2022.
The company stated that as of May 31, 2023, the daily average BTC production was 40.1 BTC, and this number was only 8.6 in 2022.
Fred Thiel, CEO of Marathon Digital, made the following statements in his statement:
“We generated 1,245 bitcoins in May, up 77% from April and 366% from May 2022.
The increased production is due to the increased hash rate and the significant increase in transaction fees, which accounted for about 11.8% of the total Bitcoin we earned last month.
In addition, we increased our operational hash rate by 9% monthly to 15.2 exahash in May.
Also in May, we announced that we've joined forces with Brink to support Bitcoin Core developers, raising up to $1 million. In less than four days, we have collectively raised nearly $800,000 for Bitcoin Core developers, of which $500,000 is Marathon's contribution."
*Not investment advice.
