MARA Announces Bitcoin Production and Mining Operation Updates for May 2025

Rhea-AI Summary

MARA Holdings reported record-breaking Bitcoin mining performance in May 2025, with 282 blocks mined (38% increase from April) and 950 BTC produced (35% increase). The company's BTC holdings grew to 49,179 BTC, with no sales during May. MARA's self-operated mining pool, unique among public miners, has outperformed network average block reward luck by over 10%. The company's energized hashrate reached 58.3 EH/s, a 2% increase from April. CEO Fred Thiel emphasized MARA's transformation into a vertically integrated digital energy and infrastructure company, highlighting operational control and cost efficiency benefits from their integrated tech stack.

Positive

• Record-breaking month with 282 blocks won, representing a 38% increase from April
• Bitcoin production increased 35% to 950 BTC compared to previous month
• Total Bitcoin holdings grew to 49,179 BTC
• MARA Pool's block reward luck outperformed network average by over 10%
• Increased hashrate to 58.3 EH/s, up 2% from April
• No BTC sales in May, maintaining strong holdings

Negative

• High dependence on block reward luck for performance
• Some Bitcoin holdings are loaned and collateralized, creating potential risk
• Transaction fees represent only 1.5% of total revenue, showing high dependence on block rewards

Insights

Cryptocurrency Mining Analyst

MARA delivers exceptional May performance with 38% block increase and record BTC production, strengthening its vertically integrated operational model.

MARA's May 2025 performance marks a significant operational milestone with 282 blocks won – a 38% month-over-month increase and a company record. This translated to 950 Bitcoin produced, representing a 35% increase from April and the highest monthly production since the April 2024 halving event that reduced block rewards.

The company's total Bitcoin holdings now exceed 49,179 BTC, reinforcing MARA's position as one of the largest publicly-traded Bitcoin holders. At 58.3 EH/s of energized hashrate (a 2% increase from April), MARA captured approximately 6.5% of total available miner rewards in May – an impressive market share in the competitive mining landscape.

What's particularly notable is MARA Pool's performance metrics. As the only self-owned and operated mining pool among public miners, MARA avoids external pool fees while maintaining complete control over their operations. The company reports their pool has outperformed network average luck by over 10% since launch, a significant efficiency advantage in an industry where margins matter tremendously.

Transaction fees represented just 1.5% of MARA's total mining revenue in May, slightly up from 1.3% in April. This relatively low percentage suggests MARA's revenue remains primarily dependent on block subsidies rather than network transaction activity.

MARA's continued accumulation strategy – choosing not to sell any Bitcoin in May – aligns with their long-term belief in Bitcoin's value proposition, though it also increases their exposure to Bitcoin price volatility. Their vertical integration strategy combining mining, pool operations, and energy management appears to be delivering tangible operational advantages, particularly in hashrate efficiency and block production.

Record High 282 Blocks Earned in May, 38% Increase M/M
950 Bitcoin Produced, 35% Increase M/M
Increased BTC Holdings* to 49,179 BTC

Fort Lauderdale, FL, June 03, 2025 (GLOBE NEWSWIRE) -- MARA Holdings, Inc. (NASDAQ: MARA) ("MARA" or the "Company"), a vertically integrated digital energy and infrastructure company that leverages high-intensity compute, such as bitcoin mining, to monetize excess energy and optimize power management, today published unaudited bitcoin ("bitcoin" or "BTC") production updates for May 2025.

Management Commentary

"May was a record-breaking month for MARA with 282 blocks won, a 38% increase over April and a new monthly high," said Fred Thiel, MARA's chairman and CEO. "Our total bitcoin holdings surpassed 49,000 BTC during May and the 950 bitcoin produced were the most since the halving event in April 2024.

"Our fully integrated tech stack is a key differentiator, and MARA Pool is the only self-owned and operated mining pool among public miners, offering greater control and efficiency. Operating our pool means no fees to external operators and retention of the full value of block rewards. Production in May also benefitted from block reward luck. Since launch, MARA Pool’s block reward luck has outperformed the network average by over 10%, contributing to our industry-leading block production.

"We remain laser-focused on transforming MARA into a vertically integrated digital energy and infrastructure company. We believe this model gives us tighter operational control, improves cost-efficiency, and makes us more resilient to shifts in the broader economy."

Operational Highlights and Updates

Figure 1: Operational Highlights

		Prior Month Comparison
Metric		5/31/2025				4/30/2025				% Δ
Number of Blocks Won 1			282				205				38	%
BTC Produced			950				705				35	%
Average BTC Produced per Day			30.7				23.5				31	%
Share of available miner rewards 2			6.5	%			5.1	%			NM
Transaction Fees as % of Total 1			1.5	%			1.3	%			NM
Energized Hashrate (EH/s) 1			58.3				57.3				2.0	%

1. These metrics are MARAPool only and do not include blocks won from joint ventures.
2. Defined as the total amount of block rewards including transaction fees that MARA earned during the period divided by the total amount of block rewards and transaction fees awarded by the Bitcoin network during the period.

NM - Not Meaningful

As of May 31, 2025, the Company held a total of 49,179 BTC*. MARA opted not to sell any BTC in May.

*Includes loaned and collateralized bitcoin

Investor Notice
Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under the heading "Risk Factors" in our most recent annual report on Form 10-K and any other periodic reports that we may file with the U.S. Securities and Exchange Commission (the "SEC"). If any of these risks were to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. See "Forward-Looking Statements" below.

The operational highlights and updates presented in this press release pertain solely to our BTC mining operations. Detailed information regarding our other operations can be found in our periodic reports filed with the SEC.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical fact, included in this press release are forward-looking statements. The words "may," "will," "could," "anticipate," "expect," "intend," "believe," "continue," "target" and similar expressions or variations or negatives of these words are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such forward-looking statements include, among other things, statements related to the expected benefits of MARA’s transformation into a vertically integrated digital energy and infrastructure company. Such forward-looking statements are based on management’s current expectations about future events as of the date hereof and involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Subsequent events and developments, including actual results or changes in our assumptions, may cause our views to change. We do not undertake to update our forward-looking statements except to the extent required by applicable law. Readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements included herein are expressly qualified in their entirety by these cautionary statements. Our actual results and outcomes could differ materially from those included in these forward-looking statements as a result of various factors, including, but not limited to, the factors set forth under the heading “Risk Factors” in our most recent annual report on Form 10-K, and any other periodic reports that we may file with the SEC.

About MARA

MARA (NASDAQ:MARA) is a global leader in digital asset compute that develops and deploys innovative technologies to build a more sustainable and inclusive future. MARA secures the world’s preeminent blockchain ledger and supports the energy transformation by converting clean, stranded, or otherwise underutilized energy into economic value.

For more information, visit www.mara.com, or follow us on:

Twitter: @MARAHoldings
LinkedIn: www.linkedin.com/company/maraholdings
Facebook: www.facebook.com/MARAHoldings
Instagram: @maraholdingsinc

MARA Company Contact:
Telephone: 800-804-1690
Email: ir@mara.com

MARA Media Contact:
Email: marathon@wachsman.com

FAQ

How many Bitcoin did MARA mine in May 2025?

MARA mined 950 Bitcoin in May 2025, representing a 35% increase from April 2025.

What is MARA's total Bitcoin holdings as of May 2025?

MARA held 49,179 Bitcoin as of May 31, 2025, including loaned and collateralized bitcoin.

What was MARA's hashrate in May 2025?

MARA's energized hashrate reached 58.3 EH/s in May 2025, a 2% increase from April.

How many blocks did MARA mine in May 2025?

MARA mined a record 282 blocks in May 2025, representing a 38% increase from April.

What percentage of Bitcoin network rewards did MARA earn in May 2025?

MARA earned 6.5% of available miner rewards in May 2025, up from 5.1% in April.