Marathon Digital Holdings' Bitcoin Production Dips in August Due to Texas Heat, but Remains Strong
Summary:
US-based crypto mining operator Marathon Digital Holdings reported a decrease in Bitcoin production in August due to high temperatures in Texas. Despite the 9% decrease from July, the company still produced five times more than in August 2022. Marathon also shared updates on its miner installations, reaching its primary growth target of 23 exahashes and aiming for 30 exahashes. The company is finalizing paperwork for a new mining facility in Texas and its joint venture in Abu Dhabi. Marathon's Q2 2023 financial results showed a 228% increase in revenue compared to the previous year.
Marathon Digital Holdings, a US-based cryptocurrency mining operator, announced that it produced 1,072 Bitcoin in August. This represents a 9% decrease compared to July, but it is still five times more than what was produced in August 2022. The company shared these unaudited BTC production numbers and provided updates on its miner installations on September 5th. According to their press release, Marathon increased its US operational hash rate by 2% to 19.1 exahashes and its installed hash rate by 1% to 23.1 exahashes. This increase was achieved through the update of their miners for greater efficiency. Marathon has now reached its primary domestic growth target of 23 exahashes and has set a new goal of reaching 30 exahashes, with two of them expected to come from international facilities and five from contracts with other entities. Marathon is currently finalizing the paperwork for its new mining facility in Garden City, Texas, and its joint venture in Abu Dhabi mined 50 Bitcoin in August. The CEO of Marathon, Fred Thiel, attributes the relative decrease in BTC production to climate conditions, specifically mentioning increased curtailment activity in Texas due to record high temperatures. Despite this setback, Marathon reported a significant increase in revenue in its Q2 2023 financial results, with a 228% growth compared to the same period in 2022. The company recorded a gain of $23.4 million from selling 63% of the mined Bitcoin, which was used to cover operating costs. Additionally, Marathon reported impairment charges of $8.4 million on the value of its held digital assets.
Published At
9/6/2023 7:48:29 AM
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