MARA Bitcoin Mining Revenue Hits Record $752 Million

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The Bitcoin mining industry witnessed a landmark moment as MARA Holdings—formerly known as Marathon Digital Holdings—recorded its highest-ever mining revenue, reaching an annualized figure of $752 million on May 27. This milestone, fueled by Bitcoin’s surge to near all-time highs, solidifies MARA’s position as a dominant force in the publicly traded mining sector.

According to on-chain data from CryptoQuant, the $752 million revenue mark represents the most profitable day in the company’s history. At over $5.18 billion in market capitalization, MARA is now the world’s largest publicly traded Bitcoin mining company by market cap, outpacing competitors in both infrastructure and strategic asset accumulation.

"Quarterly reports are slow. On-chain data shows real-time revenue," said Ki Young Ju, founder and CEO of CryptoQuant, in a May 27 post on X, confirming the record-breaking performance.

This surge in profitability follows closely behind Bitcoin’s price spike to $112,000 on May 22—an all-time high attributed in part to turbulence in Japan’s bond market. As Japanese bond yields climbed amid economic uncertainty, capital flowed into alternative stores of value, with Bitcoin emerging as a preferred hedge.

👉 Discover how real-time on-chain data is transforming investment strategies in the Bitcoin ecosystem.

Impact of the 2024 Bitcoin Halving on Mining Output

Despite the record revenue, MARA’s Bitcoin production declined by 19% year-over-year, a trend largely driven by the April 2024 Bitcoin halving. The event cut block rewards in half—from 6.25 BTC to 3.125 BTC per block—directly reducing the volume of Bitcoin earned by miners for the same computational effort.

However, rising prices have more than offset reduced block rewards. While output dropped, the value of each BTC mined increased significantly, allowing revenue to reach new highs even with fewer coins generated.

This dynamic underscores a critical shift in the mining industry: profitability is no longer solely tied to mining volume, but increasingly influenced by macroeconomic factors, price appreciation, and strategic treasury management.

MARA’s Bitcoin Holdings Surpass $5.28 Billion

Even as block rewards decreased, MARA continued to strengthen its long-term position by holding and accumulating Bitcoin. As of May 27, the company held 48,237 BTC, valued at over $5.28 billion—making it the second-largest corporate holder of Bitcoin globally.

With this stash representing more than 0.23% of Bitcoin’s total fixed supply, MARA has cemented its role not just as a miner, but as a major institutional steward of the asset.

Only Strategy (formerly MicroStrategy) holds more BTC, with holdings valued at over $63 billion. However, MARA’s aggressive accumulation strategy since adopting Bitcoin as a treasury reserve asset in July 2024 has positioned it as a key player in the corporate adoption movement.

That month, the company added $124 million worth of BTC to its balance sheet, signaling a long-term vote of confidence in Bitcoin’s value proposition.

👉 Learn how companies are using Bitcoin as a treasury reserve asset to hedge against inflation.

Core Keywords:

Industry-Wide Mining Revenue Still Below Peak

While MARA hit record highs, the broader mining sector has room to grow. Daily miner revenues averaged around $50 million** recently—still well below the historical peak of **$80 million.

Axel Adler, macro researcher and author at CryptoQuant, noted on May 27 that this gap indicates “room to retest previous highs,” especially if Bitcoin sustains prices above $100,000 and network activity increases.

This suggests that current profitability levels may be just the beginning. As adoption expands and institutional interest grows, mining economics could enter a new phase where price appreciation consistently compensates for reduced block rewards post-halving.

Strategic Shift: From Mining to Treasury Building

MARA’s evolution reflects a broader trend among leading mining firms: transitioning from pure-play operators to strategic Bitcoin investors. By holding rather than selling newly mined BTC, companies like MARA are aligning their incentives with long-term network health and price appreciation.

This strategy not only builds shareholder value but also reduces selling pressure on the market—a positive signal for investors watching supply dynamics.

Moreover, holding BTC on the balance sheet allows companies to leverage their assets through financial instruments (such as borrowing against holdings), creating liquidity without divestment.

Frequently Asked Questions (FAQ)

Q: What caused MARA’s record $752 million in annualized mining revenue?
A: The record was driven by Bitcoin’s price surge to $112,000 in May 2025, which significantly increased the USD value of mined blocks despite lower output due to the 2024 halving.

Q: How does the Bitcoin halving affect mining companies like MARA?
A: The halving cuts block rewards in half, reducing the number of BTC miners earn. However, if the price rises enough, revenue can still increase—even with less BTC produced.

Q: Where does MARA rank among corporate Bitcoin holders?
A: As of May 27, MARA is the second-largest corporate holder of Bitcoin with 48,237 BTC ($5.28 billion), behind only Strategy (formerly MicroStrategy).

Q: Why is on-chain data important for evaluating mining performance?
A: On-chain data provides real-time insights into mining revenue and activity, offering faster and more transparent metrics than traditional quarterly financial reports.

Q: Did MARA sell any Bitcoin after the price surge?
A: The available data does not indicate any large-scale sales. Instead, MARA has continued accumulating BTC, including a $124 million purchase in July 2024.

Q: Can mining remain profitable after the halving?
A: Yes—profitability depends on both operational efficiency and BTC price. With rising prices and cost optimization, miners can remain profitable even with reduced block rewards.

👉 See how top mining firms are adapting to post-halving economics and maximizing profitability.

Conclusion

MARA Holdings’ record-breaking $752 million in annualized mining revenue marks a pivotal moment in the maturation of Bitcoin mining as an institutional-grade industry. Despite challenges posed by the 2024 halving, strategic foresight, real-time data utilization, and aggressive treasury accumulation have enabled MARA to thrive.

As Bitcoin continues to gain recognition as digital gold and a macro hedge, companies like MARA are no longer just miners—they are key custodians of one of the most transformative assets of the 21st century.

With on-chain transparency enabling faster insights and corporate treasuries increasingly embracing BTC, the future of mining looks less about raw computation and more about long-term value creation.