Marathon’s June BTC Mining Plummets 21% Due to Bad Weather

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Marathon Mining Performance in June

• Marathon Digital Holdings produced 979 BTC in June, marking a 21% decrease from May due to bad weather in Texas and a significant reduction in bitcoin transaction fees.
• The miner posted a 16% month-over-month increase in its operational hash rate, reaching 17.7 EH/s. Furthermore, the installed hash rate rose by 8% to 21.8 EH/s.
• While the miner held 12,538 BTC as of July 1, they sold 700 BTC in June to support operations and manage their treasury.

Reason for Low Mining Production

Marathon Digital Holding’s performance in June was mixed partly because of bad weather and reduced bitcoin transaction fees in Texas. Bitcoin miners are dependent on block rewards standing at 6.25 BTC dispensed roughly every 10 minutes for a confirmed block and also on transaction fees attached when a user transfers value; hence, lower transaction fees result in less rewards for miners.

Notable Milestones Achieved

Despite this contraction, Marathon achieved notable milestones such as posting a 16% month-over-month increase in its operational hash rate (reaching 17.7 EH/s) and an 8% rise of an installed hash rate (21.8 EH/s). They also announced establishment of a new joint venture at Abu Dhabi’s Mina Zayed facility which commenced hashing activities earlier this week.

Selling Bitcoin & Weather Impact

As stated previously, Marathon held 12,538 BTC as of July 1 but decided to sell 700 BTC to finance their other corporate purposes while managing treasury and supporting operations. As for weather impacts on mining activities in Texas, Riot Platforms had to switch off over 17000 rigs due to power outages caused by freezing temperatures back February 2021 which resulted into massive losses for miners across the state.

Conclusion

June wasn’t an ideal month for mining companies like Marathon with bad weather conditions impacting productions negatively alongside decreased bitcoin transactions fee resulting into low miner rewards; however they managed some improvements here and there including increasing operational hash rate by 16%, establishing new joint venture activities at Abu Dhabi’s Mina Zayed facility plus liquidating some of their holdings – all these efforts geared towards managing current operations among other goals set by the company going forward