The mawring grows over deceased organic matter, absorbing its nutrients and pigments (like its ancestor), what gives its colors (in this in case a textudopoacea). Depending on the amount of organic substance it can grow so much, and at the end of its "first life", the newer parts of the mycelia originates a wire-like structure that grows until its base. When it touches the older fungus it forms its "second life", that starts to grow over it, forming a ring around the mother fungus, covering its base. The oldest tissues totally degraded and loses its color and become yellowish, while that newest take the color of the old tissue.
This "second life", however, is not capable to produce the wires. When the small fungi reach the edge of old fungus and they have no more space to grow, they start to produce spores, that can be deposited over other organisms. After this, the fungi are only capable to grow while nutrients remain from the "first life". When they are depleted, the mawring dies.
This double life cycle allows that the organic matter present in the ground be very degraded, once that the second cycle will degrade the nutrients degraded by the first one, returning to the ground simpler molecules , that can be reabsorbed by simpler organisms.