Despite the decline in mined Bitcoin, in August, Marathon Digital reached its primary domestic growth goal of 23 exahashes.
Marathon Digital Holdings, a prominent US-based cryptocurrency mining company, reported a 9% reduction in its Bitcoin production for August compared to July.
Marathon disclosed in its press release on September 5th that it mined 1,072 Bitcoin in August. While the numbers have decreased compared to July, it was significantly higher than the production level from the same month last year.
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Interestingly, the company saw a month-over-month increase of 2% in its operational hash rate, reaching 19.1 exahashes. Furthermore, the installed hash rate grew by 1% to 23.1 exahashes, thanks to the transition from Bitmain Antminer S19j Pro miners to the more powerful S19 XP models.
Fred Thiel, the CEO of Marathon, attributed the monthly decline in Bitcoin mining to extreme weather conditions in Texas.
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.
It is worth noting that it is not the first time the team behind Marathon has blamed weather conditions for the decline in their results.
In line with its expansion plans, Marathon has achieved its primary domestic growth goal of reaching 23 exahashes and is now setting its sights on 30 exahashes.
Overall, Marathon revealed impressive second-quarter results for 2023, boasting a 228% revenue increase compared to Q2 2022. It reported a $23.4 million profit from selling 63% of its mined Bitcoin during the quarter. However, the firm also incurred $8.4 million in impairment charges related to the value of its digital assets.
While Marathon Digital Holdings faced a minor setback in August due to climate conditions, the firm continues to show robust growth and is focused on ambitious future targets. With its increasing hash rate and strategic global expansion, Marathon remains a strong player in the US cryptocurrency mining landscape.
