Marathon Bitcoin Mining Output Drops 44% in Q2 2022

Marathon Digital Holdings has had a particularly difficult month of production after 75% of the company’s mining rigs were shut down.

Market-leading Bitcoin miner Marathon Digital Holdings experienced a sharp 43.8% drop in Bitcoin production in Q2 2022, with June recorded as the company’s least productive month for more than a year after the collapse of the mining facility in Montana.

In the latest mining update released on July 7, Marathon reports that it produced 707.1 Bitcoins in Q2, a 43.8% decrease from 1258.6 Bitcoins mined in the first quarter of 2022.

The company’s Bitcoin production took a particular hit in June after its Montana mining facility was impacted by a major hurricane, knocking out the power plant that supplies 75% of its operating rigs.

The outage makes June the Marathon’s least productive month since March 2021 and threatens to continue spreading into July as the Montana facility has yet to reopen and no new blocks have been mined from the MARA pool since June 12.

CEO Fred Thiel acknowledged that the storm had a negative impact on work productivity, but also blamed the lack of hashrate power on Marathon’s new mining facilities in Texas that were not yet operational. The company has installed 29,640 new mining machines, or about 2.9 exahashes per second, in Texas, he said, although powering the facilities is still expected in June unsuccessful.

Therefore, many concerns immediately appeared around the issue of Marathon, because they thought that the company would break its long-term BTC accumulation strategy to switch to a sold state, similar to the move from many investors. other Bitcoin mining companies today, in order to maintain the company’s operations.

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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