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Marathon Digital Reports a Surge in Bitcoin Production
Marathon Digital, a prominent player in the cryptocurrency mining industry, recently announced a remarkable increase in its Bitcoin production compared to the previous year. This surge in production, defying expectations surrounding the recent halving event, showcases the company’s resilience and operational efficiency.
Bitcoin Production Increase
According to Marathon’s April operational report, the company successfully mined 850 BTC during the month, representing a significant 21% rise from the same period last year. This impressive growth can be largely attributed to the 15% increase in the company’s operational hashrate, which now stands at an impressive 21.1 exahash.
The introduction of the Runes Protocol and the Bitcoin halving event, which reduced miners’ rewards to 3.125 BTC per block, played a minor role in influencing the data, given the relatively short period since these events occurred. However, Marathon’s enhanced hash rate allowed it to capitalize on the higher transaction fees associated with the Runes Protocol, with transaction fees contributing approximately 16% to the company’s overall Bitcoin earnings in April.
“In April, we achieved an all-time operating hash rate high of 25.9 exahash. Transaction fees also reached all-time highs around the Halving, which we were able to capitalize on with our Slipstream service and our proprietary mining pool. Just before the Halving, we earned an additional 4.25 BTC from Slipstream alone, and MARA Pool outperformed, capturing one block with 10 BTC and another with 16 BTC in transaction fees,”
said Fred Thiel, Marathon’s chairman and CEO, highlighting the company’s operational success and strategic positioning in the market.
Despite its impressive mining performance, Marathon disclosed that it sold 600 BTC in April to facilitate its operational needs, manage its treasury effectively, and support general corporate activities. As of April 30, the company held 17,631 unrestricted Bitcoin, underscoring its robust financial position and long-term investment strategy.
Consultant to Kenya Government
In a parallel development with significant implications for the cryptocurrency industry, Kenya’s President, Williams Ruto, announced ongoing discussions between the Kenyan government and leading crypto mining firms like Marathon Digital regarding cryptocurrency regulations and mining activities in the country.
“Marathon Digital has been invited to consult with the National Treasury of Kenya on our cryptocurrency regime and to the Ministry of Energy to discuss its energy requirements for cryptocurrency mining operations here in Kenya,”
stated Ruto, highlighting the collaborative efforts between the government and industry stakeholders to foster a conducive regulatory environment for crypto businesses.
Marathon Digital confirmed this engagement, emphasizing that its team is actively exploring how its state-of-the-art digital asset data centers can drive energy development initiatives in the region while enhancing trade relations between the United States and East Africa.
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