Marathon Digital reports BTC production and mining operation updates for June

Bitcoin mining firm Marathon Digital Holdings has recently shared Bitcoin production and mining operation updates for June 2022 with the crypto community. 

The company has produced 707 self-mined BTC during the second quarter of 2022, representing an 8% increase from 654 BTC mined in the second quarter of 2021. According to the company, below are some of the key factors that majorly impacted the Q2 2022 BTC production:

• Power generating facility maintenance in Hardin, MT, during April and May
• The energization delays in Texas
• On June 11, a powerful storm hit the Hardin area, damaging the power plant that provides Marathon’s miners in the area with power and leaving miners in Montana offline. The storm caused the operating mining fleet to decrease to about 6,300 active miners, producing about 0.7 EH/s, and drastically decreased BTC production in June, with only 140 self-mined BTC produced in the month.

According to the report, Marathon has not sold any Bitcoin since October 2020. However, it might sell a portion of its BTC production to fund monthly operating costs in the coming months while ramping up production and operations. Interestingly, Core Scientific sold 7,202 BTC units in June, as TheCoinRise reported. Moreover, the biggest Bitcoin mining company in Europe, Northern Data, sold 1,591 BTC and 48,616 ETH units in the same month.

Marathon Digital’s massive growth

Nonetheless, Marathon Digital Holdings produced 1,966 Bitcoin year-to-date through June 30, representing an increase of 132% over the same time period in the last year. Moreover, the company’s installation and waiting for energization at Texas facilities increased to 29,640 miners. The chairman and CEO of the company Fred Thiel stated:

“In the second quarter, we continued to work through several operational obstacles as we progressed with installing miners in Texas in preparation of energization.”

The 13,000 S19 XPs scheduled for shipment in July benefited from a decrease in the crypto market price adjustment. The report says that the company anticipates continuing benefits as the remaining XPs will be shipped between August and December.