Bitcoin mining giant Marathon Digital has sold off more than half of the tokens mined in May

Marathon Digital has unloaded over 60% of its Bitcoin (BTC) production since April's halving event, according to its latest report.

The company is only in May sold 390 BTC, which is more than 63% of the 616 BTC it mined this month. As of the end of May, Marathon held $290.4 million in cash and cash equivalents.

Comparative insights

Marathon's significant BTC sales stand out in the industry. For example, Riot Platforms did not report any sales on Bitcoin in May, despite mining 215 BTC, and CleanSpark only sold a fraction of its 417 BTC output.

Change after the halving

The recent halving event on April 20 reduced the block reward from 6.25 BTC to 3.125 BTC, causing miners to adjust their strategies. Marathon responded by increasing block profits, producing 616 BTC in May, a 27% drop from April but still significant. CEO Fred Thiel highlighted that they won 170 blocks in May, a 32% increase over April.

Expansion and efficiency efforts

To stay competitive as rewards decline, Bitcoin miners are improving their operations. CleanSpark is active in mergers and acquisitions and expects to close deals soon for new locations in Wyoming. Marathon is looking to go international as it is partners with Kenya's Ministry of Energy and Petroleum to optimize renewable energy projects and launched a pilot project in Paraguay. Thiel mentioned the goal of reaching 50% of revenue from overseas by 2028.

Role in energy infrastructure

Bitcoin miners like Marathon can stabilize energy grids by adjusting their consumption based on demand. They can absorb excess renewable energy when supplies are high and reduce it during peak hours, thus helping to optimize the energy infrastructure.

By adjusting post-halving strategies and exploring global opportunities, Marathon Digital is positioning itself to thrive in the evolving Bitcoin mining landscape.