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• Marathon Digital Holdings mined a record-high number of Bitcoin (BTC) in May, increasing production by 77% compared to April 2023.
• The significant uptick in Bitcoin transaction fees, thanks to Ordinals, accounted for 11.8% of the BTC Marathon Digital mined in May.
• Fred Thiel, Chairman and CEO of Marathon Digital, explained that the spike in BTC production was a direct result of the increase in the firm’s hash rate and BTC transaction fees.

Marathon Digital Increases Bitcoin Production by 77%

Marathon Digital Holdings saw a significant increase in its Bitcoin (BTC) production in May, increasing its production by 77% compared to April 2023. The mining firm produced 1,245 BTC during the month — up 366% from May 2022. This surge was largely attributed to the rise of Bitcoin Transaction Fees due to Ordinals Inscriptions which made mining more profitable than before.

Record-High Hashrate Aids Mining Efficiency

Fred Thiel, Chairman and CEO of Marathon Digital explained that this high level of production was possible due to an increased hash rate and improved uptime during the month. He said that while these abnormally high transaction fees are rare events they can be seen as positive signs for future mining economics. The rise in BTC transaction fees accounted for approximately 11.8% of the total Bitcoin mined by Marathon Digital holdings during this period.

Ordinals Inscriptions Create New Opportunities For Miners

Ordinal inscriptions are similar to non-fungible tokens (NFTs) on other blockchains which has caused a significant uptick in bitcoin transaction fees last month leading some miners to be able to capitalize on this opportunity with their scale and improved uptime during this period. This could open new doors for miners who are willing to take advantage of these opportunities when they arise which could lead towards increased profitability and efficiency when it comes to mining cryptocurrencies such as Bitcoin (BTC).

Increased Mining Could Lead To More Profitability For Miners

The increase in transactions fees due to Ordinal Inscriptions provides more profitability for miners who can capitalize on such events when they occur making cryptocurrency mining much more worthwhile than before leading some miners such as Marthon Digital Holdings produce record-high levels of Bitcoins compared previous months or years even if abnormally high transaction fees are historically rare events according to Fred Thiel Chairman and CEO at Marthon Digital Holding .

Conclusion

Cryptocurrency mining is becoming increasingly more profitable through various methods including Ordinal Inscription transactions which have created new opportunities for miners who can capitalize on such events with their scale and improved uptime allowing them greater efficiency when it comes producing digital currencies like Bitcoins (BTC). Such transactions also account for 11.8 %of all bitcoins produced by MarthonDigitalHolding during this period making it one one most productive months ever recorded .

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