MARA Bitcoin mining hits record high of $752M, as Bitcoin rises to $112k

MARA Holdings, formerly Marathon Digital Holdings, has reached a new all-time high in Bitcoin mining revenue, fueled by Bitcoin’s 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 (BTC) 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 for the first time on May 22, a development attributed by some analysts to Japanese bond market turbulence, which saw bond yields rise to new highs amid economic turbulence in the country.

*BTC mining revenue, MARA, year-to-date chart. Source: CryptoQuant*

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.

*The 10 largest Bitcoin mining firms. Source: Companiesmarketcap*

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 are 48,237 BTC worth over $5.28 billion, making the Bitcoin mining firm the world’s second-largest corporate Bitcoin holder with over 0.23% of the total supply, Bitbo data shows.

*Largest corporate Bitcoin holders. Source: Bitbo*

The top spot remains held by 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.