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MARA Holdings, previously known as Marathon Digital Holdings, achieved a new historic peak in Bitcoin mining earnings, driven by its recent upswing to an unprecedented value.
The enterprise’s annualized mining earnings surpassed $752 million on May 27, as reported by CryptoQuant data, rendering it the most lucrative day in the entity’s chronicles. Marathon currently stands as the globe’s largest publicly listed Bitcoin (BTC) mining organization by market valuation.
“Quarterly disclosures are sluggish. On-chain illustrates revenue in real-time,” noted CryptoQuant’s founder and CEO Ki Young Ju in a May 27 X post, validating the achievement.
Marathon’s unprecedented revenue boost took place just days following Bitcoin’s rise to a new all-time pinnacle of $112,000 on May 22, a situation some analysts attribute to turmoil in the Japanese bond market, which witnessed bond yields soaring amidst economic upheaval in the nation.
Related: Metaplanet’s Bitcoin ‘premium’ approaches $600k per BTC
The revenue increase comes a fortnight after MARA’s Q1 earnings report, which fell short of Wall Street forecasts by 0.35%. The company’s Bitcoin output declined by 19% compared to the prior year, primarily due to the upcoming Bitcoin halving in April 2024, which halved block rewards from 6.25 to 3.125 BTC.
Marathon is recognized as the largest Bitcoin mining enterprise globally, boasting a $5.18 billion market value, according to data from Companiesmarketcap.
Related: $1M Bitcoin by 2030: Prominent figures anticipate a significant debt-driven BTC surge
MARA’s Bitcoin reserves exceed $5 billion
Notwithstanding the drop in output, Marathon has persistently enhanced its Bitcoin reserves.
As of May 27, MARA’s Bitcoin reserves totaled 48,237 BTC worth over $5.28 billion, positioning the Bitcoin mining corporation as the world’s second-largest corporate Bitcoin holder, commanding over 0.23% of the total supply, as shown by Bitbo data.
The primary position remains with Strategy (previously MicroStrategy), which possesses over $63 billion in Bitcoin.
Despite the revenue rise, daily miner earnings averaged around $50 million, significantly lower than the historical peaks of $80 million, indicating there is still “potential to rise back to those previous levels,” remarked macro researcher and CryptoQuant contributor Axel Adler in a May 27 X post.
Marathon embraced Bitcoin as a strategic treasury reserve asset in July 2024, when it incorporated $124 million worth of BTC into its financial statements.
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