U.S.-based cryptocurrency mining operator Marathon Digital Holdings produced 1,072 bitcoins (BTC) in August, down 9% from July but a fivefold increase from August 2022.
On September 5, Marathon shared an unaudited update on BTC production and miner installations for August. according to According to the press release, the company’s U.S. operating computing power increased 2% month-on-month to 19.1 exahash in August, and its installed computing power increased 1% month-on-month to 23.1 exahash. The reason for the increase is the upgrade of the Bitmain Antminer S19j Pro miner to the more efficient S19 XP model.
Marathon met its primary domestic growth target of 23 exahash and is now aiming to reach 30 exahash, with 2 planned to be acquired through international facilities and 5 acquired through contracts from other entities.
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Marathon is also finalizing paperwork for its new mining facility in Garden City, Texas, and its joint venture in Abu Dhabi will mine 50 bitcoins in August.
As for the relative decline in Bitcoin production, Marathon CEO Fred Thiel blamed climatic conditions:
“Bitcoin production has declined since July, largely due to increased production curtailment activity due to record-breaking heat in Texas. These temporary closures more than offset the progress we have made in increasing our operational hash rate and optimizing our operations.”
In August, Marathon released its financial results for the second quarter of 2023, claiming a 228% increase in revenue compared to the second quarter of 2022. The company reported a gain of $23.4 million from the sale of 63% of the bitcoins mined during the quarter, which it used to cover operating costs. The impairment charge on the value of the digital assets held by it was $8.4 million.
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