75% Of Marathon’s Mining Team Remains Offline 2 Weeks After The Big Storm

A hurricane that passed through the state of Montana, USA, in early June 2022 greatly affected about 75% of the operating Bitcoin mining rigs of mining giant Marathon Digital.

Marathon – The last ray of hope of the Bitcoin mining industry will be extinguished?

The storm that made landfall in the town of Hardin on June 11 damaged the electricity generation facility that powers Marathon’s Bitcoin mining operations, according to a statement from the company released this week. Before the storm, more than 30,000 miners under magnetic control were deployed in Montana, representing more than 75% of the company’s total operating rigs.

However, according to the damage assessment results, the excavators themselves were not damaged by the storm. Currently, the mining rate of each machine is 0.6 exahash per second (EH/s). While the repair is in progress, Marathon will move some machines from its own mining pool, MaraPool, to a third-party mining pool to increase the yield of Bitcoins.

“The severe hurricane in Montana has unexpectedly reduced our hashrate and presented a new challenge we are actively working to overcome.

Fred Thiel, President, and CEO of Marathon said

Marathon plans to move its mining rig from its Montana facility to more sustainable energy sources in other areas by the third quarter of 2022. However, the company is currently considering fast-tracking this strategy, and coincidentally, the recent storm has prompted Marathon to make this decision.

However, with significant network difficulties and rising electricity costs worldwide, and the overall market situation is terrible, most Bitcoin miners are selling off on a massive scale to minimize their losses as margins are bottoming out.

Up until the beginning of this week, they had continued to pressure the price of BTC, making the $21,000 threshold a fiercely contested area with many whales in the industry. Notably, in line with the ongoing wave of “fearful” miners, Marathon is one of the few prominent men to commit to accumulating more Bitcoins instead of selling. However, with the latest loss due to the passing of the storm, it may be necessary to wait and see the next time to decide if Marathon really “stands” between the cost and profit problem.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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