Marathon Digital reported a significant year-on-year surge in its Bitcoin production last month, defying expectations surrounding the halving event.
Bitcoin production increase
In its April operational report, Marathon revealed that it produced 850 BTC, marking a notable 21% increase on the year-on-year metrics. This uptick is primarily attributed to the 15% boost in its operational hashrate, now standing at 21.1 exahash.
The launch of the Runes Protocol and the Bitcoin halving event, which reduced miners’ rewards to 3.125 BTC per block, will have had a marginal impact on the data, with less than one month since the events.
Nonetheless, Marathon’s improved hash rate enabled it to capitalize on the increased transaction fees inspired by the Runes Protocol. Transaction fees contributed approximately 16% to the Bitcoin earnings in April.
Fred Thiel, Marathon’s chairman and CEO, said:
“In April, we achieved an all time operating hash rate high of 25.9 exahash. Transaction fees also reached all time highs around the Halving, which we were able to capitalize on with our Slipstream service and our proprietary mining pool. Just before the Halving, we earned an additional 4.25 BTC from Slipstream alone, and MARA Pool outperformed, capturing one block with 10 BTC and another with 16 BTC in transaction fees.”
Meanwhile, Marathon said it sold 600 BTC in April to support monthly operations, manage its treasury, and for general corporate purposes. The miner held 17,631 unrestricted Bitcoin as of April 30.
Consultant to Kenya government
In a parallel development, Kenya’s president, Williams Ruto, spoke at the AMCHAM summit and revealed ongoing discussions between the African country and the crypto miners about crypto regulations and mining.
Ruto said:
“Marathon Digital has been ushered to consult with the National Treasury Kenya on our cryptocurrency regime and to the Ministry of Energy to discuss its energy needs in connection with cryptocurrency mining here in Kenya.”
The firm also confirmed this development, adding that its team is discussing how its digital asset data centers “can spur energy development in the region and foster US-East Africa trade relations.”