Bitcoin mining firm Marathon Digital has linked the decline in total Bitcoin (BTC) mined in June to weather conditions in Texas and lower transaction fees.
According to a report on July 5 statementMarathon Digital saw a “21% drop” in total Bitcoin mining in June compared to May.
The decline in production in June (979 bitcoins for the entire month) was largely due to weather conditions in Texas, where Marathon’s main operations are located.
“The decline in production compared to the previous month was due to weather-related cuts in Texas and a sharp drop in transaction fees.”
Notably, early June marks the transition from spring to summer in Texas.
according to data Average temperatures rose nearly 8.4 degrees Fahrenheit between May and June, according to the National Weather Service in Dallas, Texas. The average temperature in May is 75.6 degrees Fahrenheit and the average temperature in June is 84 degrees Fahrenheit.
Cointelegraph previously reported on Feb. 6 that cryptocurrency mining firm Riot Platforms found 17,040 mining machines offline at its Texas operations due to the state’s “severe winter weather.”
It was further explained that Marathon Digital’s transaction fees fell to approximately “5.1%” of total Bitcoin revenue in June, compared to “11.8%” in May.
Notably, the “emergence” of Bitcoin’s ordinal numbers significantly increased transaction fees in May, adding that while network congestion eased in June, the firm remains positive about the “future of the mining economy.” prospect.
related: Heating Your Home With a Bitcoin Miner: Using Satellites to Heat Your Home
This isn’t the first time Texas weather has had a major impact on cryptocurrency miners this time of year.
In July 2022, Peter Wall, CEO of cryptocurrency mining firm Argo Blockchain, which operates a data center in West Texas, told Cointelegraph that ERCOT issued a protection alert, forcing Argo, as well as many in the region, to Other mining operators had to temporarily shut down mining. Activity.
In recent news, a July 5 report from cryptocurrency analytics platform Coin Metrics showed that Bitcoin miners earned $184 million from transaction fees in the second quarter of 2023, more than they would have earned in all of 2022. more income.
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