Marathon Digital Confirms a 9% Drop in Mining Rate in August
- Marathon noted a 9% drop in its mining rate in August 2023 but still produced five times more BTC as compared to August 2022.
- The company increased its US operational hash rate by 2% month-over-month to 19.1 exahashes.
- The Bitcoin miner successfully achieved its goal of 23 exahashes domestically and now aims for 30 exahashes.
- CEO Fred Thiel said that the relative reduction in the Bitcoin mining capacity of the firm was due to weather conditions.
A leading Bitcoin mining company based in Las Vegas, Nevada, United States, Marathon Digital, has confirmed that it witnessed a 9% drop in its mining rate in the month of August but also added that it mined almost five times more cryptocurrency than it did in August 2022, when the world’s largest cryptocurrency collapsed significantly from its all-time high.
As per the official unaudited BTC production and miner installation updates for August released by Marathon Digital on September 5, the company increased its US operational hash rate by 2% month-over-month to 19.1 exahashes and its installed hash rate by 1% month-over-month to 23.1 exahashes. The rise in numbers was attributed to the update of BITMAIN S19 J Pro miners for more efficient S19 XPs.
Further, Marathon Digital also confirmed that it had successfully achieved its goal of 23 exahashes domestically and now aims for 30 exahashes. Interestingly, out of the remaining 7 exahashes, two are expected to be generated from international facilities, while the remaining five will be generated by contracts with other entities.
Moreover, Marathon Digital CEO Fred Thiel stated that the relative reduction in the Bitcoin mining capacity of the firm was due to weather conditions, adding:
“The decrease in Bitcoin production from July was largely due to increased curtailment activity in Texas due to record high temperatures. These temporary shutdowns more than offset the progress we have made to increase our operational hash rate and optimize our operations.”
It is also crucial to note that Marathon is currently finalizing paperwork for a new mining facility in Garden City, Texas, and its joint venture in Abu Dhabi mined 50 Bitcoin in August. Additionally, the Bitcoin mining company also confirmed that as of August 31, 2023, it holds a total of 13,286 BTC, of which 13,111 BTC are unrestricted.
The press release further added that Marathon decided “to sell 750 BTC during the month of August and intends to sell a portion of its bitcoin holdings in future periods to support monthly operations, manage its treasury, and for general corporate purposes. Marathon occasionally uses a portion of bitcoin for various treasury activities.”
As reported earlier by Bitnation, the mining company sold 1,500 BTC tokens in January after producing a record 687 Bitcoin in the same period.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
