The miner has boosted operating processing power by 9%, to 15.2 exahash/second (EH/S).

Increased transaction fees brought in more money for miners at the beginning of May.

With the aid of its own software, Bitcoin miner Marathon Digital Holdings (MARA) mined 1,245 bitcoin in May, an increase of 77% over the previous month. According to the announcement, the miner has boosted its operating processing power by 9%, to 15.2 exahash/second (EH/S).

CEO Fred Thiel stated:

“The increased production was due to an increased hash rate and a significant increase in transaction fees, which accounted for approximately 11.8% of the total bitcoin we earned in the last month.”

In-house Developed Software

According to Thiel, much of the growth can be traced back to Marathon’s in-house developed software. Marathon now has the “ability to control the output of the machines, the uptime of the machines, scaling up and down the hash rate of the machines,” thanks to the software.

Marathon runs its own mining pool. Thus, allowing fluctuations in BTC production to the expected value, said Ethan Vera, COO of mining services business Luxor Technologies.

Increased transaction fees brought in more money for miners at the beginning of May as Ordinals gained in popularity. The increased need for blocks may be attributed to the protocol’s success in introducing new features to the Bitcoin blockchain. Such as non-fungible tokens (NFTs) and memecoins.

As a consequence, in early May, the transaction fees miners collect eclipsed the block rewards they get. Vera said that Ordinals greatly aided large-scale miners like Marathon.

Marathon probably had a lot of space to boost its output in May. Especially, after not operating its machines at full capacity in April.

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Filed under: Bitcoin - @ June 3, 2023 9:05 am