Marathon Announces Significant Drop in Mining Rate

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Marathon Digital Holdings, a Bitcoin (BTC) mining company, announced a 9% decline in total Bitcoin mined in August, which is 9% below the figure in July yet more than five times more than what was mined in August last year. 

Marathon Generated 1,072 BTC in August

Marathon released its August miner installation and unaudited BTC output reports on September 5. The company stated that it generated 1,072 BTC last month, a reduction from July due to unfavorable weather conditions. 

Climate Conditions are to be Blamed

Notably, compared to other blockchain networks, the network that runs Bitcoin uses a lot more energy. This is because the Proof of Work (POW) consensus method used by the blockchain requires the use of energy-hungry computers. 

Marathon CEO Fred Thiel also attributes the percentage decline in BTC production to the state of the climate.

He noted: “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.”

Marathon Improves Operational Hash Rate in the US

The report states that in August, Marathon improved its operational hash rate in the United States by 2% month over month to 19.1 exahashes and increased its installed hash rate by 1% month over month to 23.1 exahashes, according to a press statement. 

Plans to Expand Operations

The increase was brought on by the conversion of Bitmain Antminer S19j Pro miners to S19 XP versions, which are more productive. Notably, Marathon Digital was reported to purchase a sizable number of Bitmain Antminer S19 XP (140 TH/s) bitcoin miners at the end of 2021. 

The news follows the company’s announcement that 979 Bitcoin were mined in June, which represents a 21% decrease in overall Bitcoin production compared to May. However, the company reported that 825 BTC were mined in March. This was a record-high, based on the Marathon Digital monthly operations report.

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