Cointelegraph Team
Cointelegraph
United States-based crypto mining operator Marathon Digital Holdings produced 1,072 Bitcoin (BTC $25,743) in August — 9% less than in July but five times more than in August 2022.
On Sept. 5, Marathon shared the unaudited BTC production and miner installation updates for August. According to the press release, the company increased its U.S. operational hash rate by 2% month-over-month to 19.1 exahashes in August, and it increased its installed hash rate by 1% month-over-month to 23.1 exahashes. The rise occurred due to the upgrade of Bitmain Antminer S19j Pro miners to more efficient S19 XP models.
Marathon reached its primary domestic growth target of 23 exahashes and now aims to hit 30 exahashes, with two planned to be obtained through international facilities and five by contract from other entities.
Marathon is also finalizing paperwork on its new mining facility in Garden City, Texas, with its joint venture in Abu Dhabi mining 50 Bitcoin in August.
As to the relative decrease in BTC production, Marathon CEO Fred Thiel blames it on climate conditions:
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.
In August, Marathon published its Q2 2023 financial results, claiming a 228% increase in revenue over Q2 2022. The company reported a $23.4 million gain from selling 63% of the Bitcoin mined in the quarter, which it used to fund operating costs. Impairment charges on the value of its held digital assets were $8.4 million.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Dogecoin price bullish outlook intensifies as DOGE turns 10
Dogecoin price has sustained the bullish outlook since October 18, when the broader market turned green, leading meme coins in an uptrend, which is no mean feat. The 65% climb has ushered the dog-themed cryptocurrency to its tenth birthday since its official launch on December 6, 2013.
Bitcoin-based meme coin ORDI price action wobbles after 1,100% rally
The Bitcoin-based BRC-20 meme coin, which had people confused as being an actual valuable token, is now slowly creeping up to that status. ORDI price rise over the past couple of days has been astonishing, and with BTC driving the price and crossing $44,000, ORDI is also gaining rapidly. But not for long.
Arbitrum price veers as hard fork proposal receives 99.84% votes in favor
Arbitrum's price surpassed expectations as the altcoin managed to restrict the fluctuation over the past 24 hours. This is because ARB was forecasted to rally following the result of the proposal to essentially hard-fork the chain.
Bitcoin price hits $44,000 as Coinbase CEO speculates BTC could be key to extending Western civilization
Bitcoin (BTC) price has revisited levels last seen in April 2022, prior to the collapse of the Terra UST ecosystem. Its foray above the $42,000 psychological level has market watchers enthused.
Analyzing potential $30k corrections ahead of BTC ETF approval
Bitcoin has slowed down its 2023 bull rally as it approaches the $37,000 level. After three weeks of consolidating around this level, BTC shows no directional bias whatsoever. Some investors speculate this could be an upward-sloping accumulation that leads to a $40,000 rally.