August Sees 9% Drop in Marathon’s Bitcoin Mining Rate

Marathon Digital Holdings Produces Bitcoin in August

Marathon Digital Holdings, a United States-based crypto mining operator, produced 1,072 Bitcoin (BTC) in August — 9% less than in July but five times more than in August 2022.

On Sept. 5, Marathon revealed its unaudited BTC production and miner installation updates for August. The company increased its U.S. operational hash rate by 2% month-over-month to 19.1 exahashes in August, and it increased its installed hash rate by 1% month-over-month to 23.1 exahashes. This was achieved by upgrading Bitmain Antminer S19j Pro miners to more efficient S19 XP models.

Marathon achieved its primary domestic growth target of 23 exahashes and now aims to reach 30 exahashes, with two planned to be obtained through international facilities and five by contract from other entities.

The company is also finalizing paperwork on its new mining facility in Garden City, Texas, and its joint venture in Abu Dhabi mined 50 Bitcoin in August.

As to the decreased production of BTC, Marathon CEO Fred Thiel has attributed it to climate conditions:

In August, Marathon’s Q2 2023 financial results showed a 228% increase in revenue from the Q2 2022. The company made a $23.4 million profit from selling 63% of the Bitcoin mined in the quarter, which was used to fund operating costs. The impairment charges on the value of its held digital assets were $8.4 million.

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