MARA Closing in on Record Realized Bitcoin Hashrate Above 50 EH/s
U.S. bitcoin mining giant MARA is set to shatter its own realized hashrate record this month, with its proprietary pool mining 749 BTC to date and intensifying the already strained mining economics.
Network data shows MARA Pool mined 236 bitcoin blocks so far, translating to a realized hashrate of about 53.78 EH/s, based on current block rewards and an average network hashrate of 886 EH/s.
With just a few days left in the month, unless MARA experiences significant downtime, its realized hashrate is on track to surpass the 50 EH/s mark. While MARA has reported installed capacity above 50 EH/s for months, it has previously struggled to sustain realized hashrates at that level due to operational issues.
Although this recent ramp-up cements its position as the largest public miner, it contributes to increasing pressure across the sector, as bitcoin’s daily production benchmark has dropped to 0.53 BTC per EH/s per day.
Meanwhile, a divergence in miner strategies is emerging. Major players like Iris Energy, Riot Platforms (NASDAQ: RIOT), and Bitfarms have announced plans to halt or slow hashrate expansions due to tightening margins, while others are pressing ahead with growth initiatives.
As recently reported, Cipher raised $150 million through a convertible bond offering to accelerate shipments from Bitmain. HIVE recently surpassed the 8 EH/s mark and is targeting an expansion to 11.5 EH/s by the end of June and 18 EH/s by the end of Q3. Bitdeer, meanwhile, has been energizing its proprietary SEALMINERs, achieving a 67% increase in realized hashrate last month.
