Ordinals See Marathon’s BTC production leap 366% YOY
Ordinals is a protocol allowing added functionality on the Bitcoin blockchain, such as non-fungible tokens and meme coins.
According to BitcoinCasinos.com, Marathon mined 77% more Bitcoin in May 2023 than in April, representing a 366% year-over-year increase in production. This was partly due to the increasing demand for Bitcoin’s underlying technology, Ordinals.
Ordinals is a protocol allowing added functionality on the Bitcoin blockchain, such as non-fungible tokens and meme coins. This has driven up demand for block space, resulting in a higher hash rate and transaction fees. According to Marathon CEO Fred Thiel, these factors accounted for 11.8% of the total Bitcoin generated in May. The miner also improved its computing power by 9%, bringing it to a total of 15.2 exahashes/second (EH/S).
BitcoinCasinos’ financial analyst Edith Reads commented on the data saying, “The growth in Bitcoin production is significant for Marathon as it puts them ahead of other miners who have yet to adopt similar technologies. It also signals a promising future for the company as they look to capitalize on the current state of the cryptocurrency market. With Bitcoin prices reaching all-time highs this year, miners like Marathon are well-positioned to benefit from increased demand for digital assets.” The full story and statistics can be found here: Ordinals See Marathon’s BTC Production Leap 366% YOY