Marathon Mining Hits $752M in Record Bitcoin Revenue

Marathon achieved a record $752 million in annualized Bitcoin mining revenue as BTC price surged to $112,000, despite a 19% drop in production.
Marathon Mining Hits $752M in Record Bitcoin Revenue
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Key Takeaways

  • Marathon's annualized Bitcoin mining revenue hit $752 million on May 27.
  • The firm holds 48,237 BTC, valued at over $5.28 billion.
  • Bitcoin production fell 19% year-over-year due to the April 2024 halving.

MARA Holdings, formerly Marathon Digital Holdings, reported record annualized Bitcoin mining revenue of $752 million on May 27, making it the most profitable day in the company’s history.

The milestone follows Bitcoin’s recent surge to $112,000 on May 22, which analysts have linked to rising bond yields in Japan.

Market position and production challenges

Marathon is currently the world’s largest publicly traded Bitcoin miner with a market cap of $5.18 billion.

According to on-chain data from CryptoQuant, the spike in revenue comes despite a recent decline in production.

The company’s Q1 earnings, released two weeks earlier, missed Wall Street estimates by 0.35% and revealed a 19% year-over-year drop in Bitcoin production—largely due to the April 2024 halving, which reduced block rewards from 6.25 to 3.125 BTC.

Real-time revenue insights

CryptoQuant CEO Ki Young Ju said in a post confirming the achievement

Quarterly reports are slow. Onchain shows revenue in real time.

Bitcoin holdings & market impact

Marathon has continued to grow its Bitcoin holdings, which reached 48,237 BTC as of May 27, valued at over $5.28 billion.

This makes it the second-largest corporate holder of Bitcoin, owning more than 0.23% of the total supply.

Only Strategy (formerly MicroStrategy) holds more.

Revenue context

Despite the earnings surge, average daily miner revenues remain below historical highs, averaging $50 million compared to previous peaks of $80 million, according to macro researcher Axel Adler.

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