Marathon Digital Mined 21% Less Bitcoin in June, Blames Weather
- Marathon Digital mined 21% less Bitcoin in June and blamed weather conditions in Texas as the reason.
- The average temperature in May was 75.6 degrees Fahrenheit, while in June it was 84 degrees Fahrenheit.
- The transaction fees declined 5.1% in June, compared to 11.8% in May, another reason for low output.
- Due to the “emergence” of Bitcoin Ordinals, transaction fees significantly increased in May.
One of the largest Bitcoin mining companies, Marathon Digital, has confirmed that it mined 21% fewer tokens in June 2023 when compared to the previous month of May. The Las Vegas, Nevada-based company blamed the weather in Texas in June for this slump in operations along with the drop in transaction fees.
It is important to note that in a July 5 statement, Marathon Digital confirmed that it had witnessed a slump of 21% in the number of Bitcoins generated in June. Interestingly, most of Marathon Digital’s operations are situated in Texas, and a change in weather can also impact the capability of Bitcoin mining machines.
“The decreased production relative to last month was due to weather-related curtailment in Texas and a significant decrease in transaction fees,” said the Bitcoin Mining company.
Interestingly, in Texas, June is the month that witnesses the transition from spring to summer, and as per the data from the National Weather Service in Dallas, Texas, there was a jump of almost 8.4 degrees Fahrenheit in the average temperature between May and June. While the average temperature in May in Texas was around 75.6 degrees Fahrenheit, the average temperature for June in the region was 84 degrees Fahrenheit.
Marathon Digital also blamed the reduction in Bitcoins mined on a decrease in transaction fees. The value for the same fell to “5.1%” of the total Bitcoin earned in June, compared to “11.8%” earned in May.
It is also crucial to note that, as per Marathon Digital, due to the “emergence” of Bitcoin Ordinals, the transaction fees significantly increased in May. Moreover, since the network congestion eased in June, the company still has a positive outlook for the “future of mining economics.” This is not the first time a crypto mining firm’s operations have been affected by the current weather conditions.
It was also revealed that the firm’s “operating fleet increased to approximately 149,900 Bitcoin miners.” As reported earlier by BitcoinWisdom, Marathon Digital has partnered with digital asset company Zero Two to establish immersion mining operations in Abu Dhabi. Two of the facilities are expected to go online by 2024 and will be based in the cities of Mina Zayed and Masdar City. The ownership of the project, called the Abu Dhabi Global Markets JV Entity, will be split between Marathon and Zero Two.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
