MARA’s Bitcoin mining revenue hits record $752M as BTC price soars

1 week ago

MARA Holdings, formerly Marathon Digital Holdings, has reached a caller all-time precocious successful Bitcoin mining revenue, fueled by Bitcoin’s caller surge to a grounds price.

The company’s annualized mining gross exceeded $752 cardinal connected May 27, according to information from CryptoQuant, making it the astir profitable time successful the company’s history. Marathon is presently the world’s largest publically traded Bitcoin (BTC) mining steadfast by marketplace capitalization.

“Quarterly reports are slow. Onchain shows gross successful existent time,” CryptoQuant laminitis and CEO Ki Young Ju wrote successful a May 27 X post confirming the milestone.

Marathon’s grounds gross surge occurred days aft Bitcoin roseate to a caller all-time precocious of $112,000 for the archetypal clip connected May 22, a improvement attributed by immoderate analysts to Japanese enslaved market turbulence, which saw enslaved yields emergence to caller highs amid economical turbulence successful the country.

The gross surge comes 2 weeks aft MARA’s net report for Q1, which missed Wall Street estimates by 0.35%. The company’s Bitcoin accumulation fell 19% year-over-year, chiefly due to the April 2024 Bitcoin halving, which chopped artifact rewards successful fractional from 6.25 to 3.125 BTC.

Marathon is the world’s largest Bitcoin mining steadfast with a $5.18 cardinal marketplace capitalization, according to Companiesmarketcap data.

MARA’s Bitcoin holdings surpass $5 billion

Despite the simplification successful production, Marathon has continued to grow its Bitcoin holdings.

As of May 27, MARA’s Bitcoin holdings are 48,237 BTC worthy implicit $5.28 billion, making the Bitcoin mining steadfast the world’s second-largest firm Bitcoin holder with implicit 0.23% of the full supply, Bitbo data shows.

The apical spot remains held by Strategy (formerly MicroStrategy), which holds implicit $63 cardinal successful Bitcoin.

Despite the gross surge, regular miner revenues averaged astir $50 million, importantly beneath historical peaks of $80 million, signaling that determination is inactive “room to ascent backmost to those erstwhile highs,” noted macro researcher and CryptoQuant writer Axel Adler, successful a May 27 X post.

Marathon archetypal adopted Bitcoin arsenic a strategical treasury reserve plus successful July 2024, erstwhile it added $124 cardinal worthy of BTC to its equilibrium sheet.