In May 2025, MARA Holdings (NASDAQ: MARA) achieved a record-breaking month of bitcoin mining, producing 950 BTC—worth over $100 million at current prices. This represented a 35% increase from April and marked the highest monthly output since the April 2024 halving event. Notably, the company did not sell any bitcoin during the month.
Monthly Production Hits Post-Halving High
MARA won 282 blocks in May, a 38% increase over April and a new monthly record. CEO Fred Thiel stated, “May was a record-breaking month for MARA with 282 blocks won, a 38% increase over April and a new monthly high.” The company’s total bitcoin holdings surpassed 49,000 BTC during the month, reaching 49,179 BTC, valued at roughly $5.23 billion at the time of writing. Thiel emphasized that MARA Pool—the only self-owned and operated mining pool among public miners—provides a key competitive advantage by eliminating external pool fees and retaining the full value of block rewards. Since its launch, MARA Pool’s block reward luck has outperformed the network average by over 10%, contributing to industry-leading block production.
Self-Operated Pool and Hashrate Efficiency
Operational efficiency improved as energized hashrate rose from 57.3 EH/s to 58.3 EH/s, a 2% increase. Average daily bitcoin production reached 30.7 BTC, 31% higher than April’s daily average. Thiel noted that the company’s fully integrated tech stack is a key differentiator, offering greater control and efficiency. “Operating our pool means no fees to external operators and retention of the full value of block rewards,” he said, adding that the vertical integration model lowers costs and increases resilience to economic shifts.
Strong Q1 Earnings and Strategic Transformation
On May 8, 2025, MARA released its first-quarter 2025 earnings, posting $213.9 million in revenue, a 30% year-over-year increase. As of March 31, the company’s bitcoin holdings surged 174% from 17,320 BTC to 47,531 BTC, valued at $3.9 billion at the time. During Q1, MARA mined 2,286 BTC and acquired an additional 340 BTC. Energized hashrate nearly doubled from 27.8 EH/s to 54.3 EH/s, while cost per petahash per day improved by 25%. Thiel reiterated the company’s focus on transforming into a vertically integrated digital energy and infrastructure company, stating, “We believe this model gives us tighter operational control, improves cost-efficiency, and makes us more resilient to shifts in the broader economy.”