Mining firm Marathon Digital has sold over 60% of all Bitcoin it mined since the halving took place in late April.

According to Marathon’s monthly report, it sold 390 Bitcoin (BTC) in May, representing more than 63% of its 616 BTC production during the month. As of the end of May, Marathon had $290.4 million in cash and cash equivalents on its balance sheet.

The large volume of BTC sales in May stood out compared to other miners’ figures. Riot Platforms, for instance, disclosed no BTC sales in May, while production reached 215 BTC. Meanwhile, CleanSpark produced 417 Bitcoin last month but sold only a small portion of 2.43 BTC.

Miners are adjusting their operations after the last Bitcoin halving — which cuts rewards for mining BTC in half every 210,000 blocks, or roughly every four years. The last halving took place on April 20, reducing miners’ rewards from 6.25 BTC to 3.125 BTC per mined block.

“In May, we mitigated the impact of the April Halving event by increasing the number of blocks won, resulting in the production of 616 Bitcoin, a decline of only 27%,” said Fred Thiel, Marathon’s chairman and CEO. In May 2024, Marathon won 170 blocks, a 32% increase compared to April.

Bitcoin miners are seeking to expand their fleet and improve efficiency to remain competitive as rewards shrink. CleanSpark, for example, is said to be “highly active in the M&A space.” The company expects to close on its recently acquired locations in Wyoming in the coming weeks while seeking “additional opportunities.”

Marathon, meanwhile, is exploring overseas expansion. The company recently announced a partnership with the Ministry of Energy and Petroleum of the Republic of Kenya to optimize renewable energy projects across the country. Another move includes a pilot project in Paraguay, aiming to optimize its energy structure. “We aim to have 50% of revenues coming from overseas by 2028,” noted Thiel.

Bitcoin miners can help optimize energy infrastructure by acting as flexible loads that stabilize the grid. They can quickly adjust their energy consumption based on grid demands, absorbing excess renewable energy when supply is high and reducing consumption during peak load times.

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