MARA's Bitcoin mining revenue hits record $752M as BTC price soars
MARA Holdings, formerly Marathon Digital Holdings, reached a new all-time high in Bitcoin mining revenue, fueled by its recent surge to a record price.
The company's annualized mining revenue exceeded $752 million on May 27, according to data from CryptoQuant, making it the most profitable day in the company's history. Marathon is currently the world's largest publicly traded Bitcoin mining firm by market capitalization.
'Quarterly reports are slow. Onchain shows revenue in real time,' CryptoQuant founder and CEO Ki Young Ju wrote in a May 27 X post, confirming the milestone.
Marathon's record revenue surge occurred days after Bitcoin rose to a new all-time high of $112,000 on May 22, a development attributed by some analysts to Japanese bond market turbulence, which saw bond yields rise to new highs amid economic turmoil in the country.
The revenue surge comes two weeks after MARA's earnings report for Q1, which missed Wall Street estimates by 0.35%. The company's Bitcoin production fell 19% year-over-year, primarily due to the April 2024 Bitcoin halving, which cut block rewards in half from 6.25 to 3.125 BTC.
Marathon is the world's largest Bitcoin mining firm with a $5.18 billion market capitalization, according to Companiesmarketcap data. MARA's Bitcoin holdings surpass $5 billion
Despite the reduction in production, Marathon has continued to expand its Bitcoin holdings.
As of May 27, MARA's Bitcoin holdings were 48,237 BTC worth over $5.28 billion, making the Bitcoin mining company the world's second-largest corporate Bitcoin holder with over 0.23% of the total supply, Bitbo data showed.
The top spot still belongs to Strategy (formerly MicroStrategy), which holds over $63 billion in Bitcoin.
Despite the revenue surge, daily miner revenues averaged around $50 million, significantly below historic peaks of $80 million, signaling that there is still 'room to climb back to those previous highs,' noted macro researcher and CryptoQuant author Axel Adler, in a May 27 X post.
Marathon adopted Bitcoin as a strategic treasury reserve asset in July 2024, when it added $124 million worth of BTC to its balance sheet.
Source: https://cointelegraph.com/news/marathon-record-bitcoin-mining-revenue-752m
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Crypto Insight
11 hours ago
- Crypto Insight
US lawmakers introduce bipartisan regulatory framework for digital assets
US Representative French Hill has announced the introduction of the much-awaited market structure bill for digital assets. The 'Digital Asset Market Clarity Act of 2025' or 'CLARITY Act of 2025' comes with support from lawmakers across both sides of the aisle, including three Democratic co-sponsors. The bill covers the roles of both the United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) on digital assets oversight, seeking to resolve longstanding questions about which agency oversees which types of digital assets. 'I am proud to introduce the bipartisan CLARITY Act with my colleagues,' Hill said in a May 29 statement. 'Our bill brings long-overdue clarity to the digital asset ecosystem, prioritizes consumer protection and American innovation, and builds off our work in the 118th Congress.' Under the CLARITY Act, developers would be required to provide accurate and relevant disclosures detailing a project's operation, ownership, and structure. The bill also introduces new compliance requirements for customer-facing firms such as brokers and dealers, including clear disclosures to customers, segregation of customer assets from company funds, and mitigation of conflicts of interest through strict registration, transparency, and operational standards. In addition, the Act establishes 'comprehensive registration regimes' that would allow digital asset firms to legally serve customers in the US market. 'The CLARITY Act will deliver clear rules of the road that entrepreneurs, investors, and consumers deserve,' Representative Ritchie Torres said in a statement. The bill emerged from the House Committee on Financial Services. The committee had previously worked on the FIT21 Act, which passed out of the House of Representatives but stalled in the Senate. Hearings for a market structure bill started initially in April within the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence. Market structure, stablecoin bills points of emphasis for Congress Market structure and stablecoin bills have long been points of emphasis for Congress, which has sought to regulate the burgeoning crypto industry in the United States. Representative Ro Khanna said in March that Congress 'should be able to get' both a stablecoin bill and a market structure bill done this year. The stablecoin bill, known as the GENIUS Act, faces a full Senate vote after it passed a procedural vote earlier in May. The Trump administration has pushed for the passing of the GENIUS Act, with Treasury Secretary Scott Bessent and Crypto Czar David Sacks both advocating for it publicly. The bill initially lost key support in May from Democrats protesting against US President Donald Trump's crypto ties. Source:
Crypto Insight
12 hours ago
- Crypto Insight
SEC drops lawsuit against crypto giant Binance
The US Securities and Exchange Commission will drop its long-running lawsuit against crypto exchange Binance in the regulator's latest backdown from policing the crypto industry. A joint motion filed on May 29 by the SEC, Binance and its co-founder Changpeng Zhao asked a Washington, DC, federal court to allow the regulator's complaint that it filed in June 2023 to be dismissed. The motion mentioned the SEC's Crypto Task Force 'might impact and facilitate the potential resolution of this litigation' and that the regulator believed dropping the suit was appropriate 'in the exercise of its discretion and as a policy matter.' The motion also bids for the lawsuit to be dropped with prejudice, meaning it cannot be filed again. The SEC and Binance had paused the action in February, and again in April, saying that the agency's crypto unit could see the agency eventually drop the case. The SEC sued Binance, Zhao and its US-based arm, BAM Trading, in June 2023, alleging they violated securities law, mishandled customer funds and misled customers. Binance and Zhao settled a separate case with the Department of Justice in November 2023, agreeing to pay a $4.3 billion fine and admitting that the company violated sanctions, was an unlicensed money transmitter and failed to implement appropriate Anti-Money Laundering measures. As part of the deal, Zhao stepped down as Binance's CEO and copped to a money laundering charge. He was later sentenced to four months in prison in April 2024. Binance said on X that the latest joint motion was a 'huge win for crypto' and thanked President Donald Trump and SEC chair Paul Atkins 'for pushing back against regulation by enforcement.' SEC's latest crypto backdown The motion is the SEC's latest step away from its bid to regulate crypto under the Trump administration, with the agency dropping multiple enforcement actions it filed against crypto firms under the Biden administration. The SEC has also abandoned or settled complaints against Coinbase, Consensus and Kraken, among others, and has ended investigations into the likes of Circle, Immutable and OpenSea. Trump has installed former crypto lobbyist Atkins as head of the agency. Atkins has said he plans to create a framework for digital assets, and the SEC has set up a series of roundtables with the industry to discuss policy. Source:
Crypto Insight
a day ago
- Crypto Insight
SUI price chart hints at 2x rally amid Nasdaq ETF filing
Sui is making a strong technical case for a 100% price rally in the coming weeks, helped further by a slew of optimistic updates, such as the recent Nasdaq ETF filing with the US Securities and Exchange Commission (SEC). Gooner EMA support raises 40% SUI bounce potential As of May 28, SUI has reclaimed the 'Gooner EMA' as support on the weekly chart. Gooner EMA is a technical indicator created by trader NebraskanGooner that uses the 11- and 22-period exponential moving averages (EMA). When the price crosses above the EMA range, it often leads to further gains. When the price closes below the EMA range, it tends to follow deeper losses. SUI lost this support, roughly between $3.34 and $3.59, last week after a $200 million exploit hit Cetus, a decentralized exchange built on the Sui blockchain. Now that SUI has reclaimed the zone, bullish sentiment is returning, according to NebraskanGooner. He wrote: 'As long as it can hold Gooner EMA support, it can retest ATHs. Depending on market conditions — it even has a chance for a new ATH.' SUI's current record high is around $5.36, roughly 40% above the current prices. Fibonacci retracement levels and SUI's prevailing ascending channel setup project $7.56 as the new record-high target, up over 100% from the current levels. Nasdaq files for SUI ETF NebraskanGooner's bullish outlook for SUI appears almost a week after Nasdaq's SUI ETF application with the US Securities and Exchange Commission (SEC). 21Shares already offers a Sui exchange-traded product (ETP) in Europe, listed on both Euronext Paris and Euronext Amsterdam. Since its launch in July last year, SUI's price has surged by over 350%. These listings have also helped boost total assets under management (AUM) in SUI-based ETPs to $317.2 million, according to a May 26 report from CoinShares. Between May 16 and May 24 alone, SUI products attracted $2.9 million in inflows, ranking just behind Bitcoin, Ether, Solana and XRP in terms of net assets. The regulatory approval for Nasdaq's SUI ETF remains uncertain, akin to most crypto ETF applications. Source:
