Thursday, July 25, 2024

Running Q2 As the fleet stays broken, bitcoin production has decreased by 44%.

Among BTC miners having a tough time, Marathon Digital is another company. The company struggled to maintain production as more than 70% of its mining fleet was not available for work. There is no clear-cut indication when the fleet will be able to get back online to start work. Due to this outage in June, the company’s mining activity was down by close to 49% in 2022 Q2. This is the month which has been the least productive in more than a year.

This information was released by the company on July 7th along with information that the company was able to mine just about 707 BTC. This is a huge drop from its 1258 BTC numbers for Q1 of this year. The reason the numbers are so low is that power to the company’s Montana facility was knocked out by a huge storm. This outage has definitely impacted the company’s bottom line and looks like it will persist through July.

Fred Thiel, the company’s CEO affirmed that the June storm has knocked down productivity numbers. Another reason why its hashing power is low is because the company’s new facility in Texas is not ready to start operations. Mr. Thiel also said that over 29500 miners have been installed in Texas but unable to start work because of energy issues.

Apparently, the company which is hosting Marathon’s mining operations – Compute North – is not able to get exemption from the government. Federal confirmation of its status is important. Marathon’s corporate communications VP said that the company is considering diversifying its operations across the US for the long term. States being considered include Georgia, North and South Dakota and Oklahoma.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
RELATED ARTICLES

Most Popular