Marathon Digital Holdings, a Bitcoin (BTC) mining company, attributed the decrease in total amount of Bitcoin mined in June to adverse weather in Texas, wherein Marathon’s primary facilities are based.
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Marathon Digital Mined Just 979 BTC
As per a July 5 announcement, Marathon Digital reported a 21% reduction in the total Bitcoin generated in June in contrast to the prior month of May. Throughout June, the company mined just 979 Bitcoin.
Transaction Fees Nosedives 11.8%
On top of that, it was claimed that Marathon Digital’s transaction fees plummeted from 11.8% of the total amount of Bitcoin produced in May to about 5.1% in June.
It states: “The decreased production relative to last month was due to weather-related curtailment in Texas and a significant decrease in transaction fees.”
Marathon Blames Temperature for Low Output
The average temperature rose by nearly 8.4 degrees Fahrenheit during May and June, in accordance with the data provided by the National Weather Service in Dallas, Texas. It also shows that the average temperature in May was 75.6 degrees Fahrenheit, while the average temperature in June was 84 degrees Fahrenheit.
Notably, the network that makes up Bitcoin consumes far more power than any other blockchain network. This is due to the blockchain’s Proof of Work (POW) consensus technique, which necessitates the employment of energy-intensive computer rigs (miners). However, Michael Saylor, an important Bitcoin supporter, stated that, contrary to popular opinion, BTC mining has little to no detrimental environmental effects.
2K BTC Generated in Q1, 2023
The release comes after the business announced 825 BTC mined in March, increasing the overall amount of Bitcoin generated in the first quarter to 2,195 BTC. According to the Marathon Digital monthly operations report, this was an all-time high.
Furthermore, the Bitcoin (BTC) miner cut ties with the struggling Silvergate Bank in March following Silvergate Capital Corporation, Silvergate Bank’s holding company, announced it was going to be winding down operations and voluntarily dissolving the bank “in light of recent industry and regulatory developments.”
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