Bitcoin Mining Decline of 21% Blamed on Adverse Weather Conditions

Impact of Texas Weather on Bitcoin Mining

Marathon Digital, a Bitcoin mining company, has attributed a 21% decrease in the total amount of Bitcoin mined in June to the weather conditions in Texas and a drop in transaction fees.

In June, 979 Bitcoin were produced, a significant decrease from the amount mined in May. According to the company’s statement, the main cause of the decrease was the change in temperature in Texas, where Marathon’s main operations are located.

The National Weather Service in Dallas, Texas reported that the average temperature in May was 75.6 degrees Fahrenheit, while the average temperature in June was 84 degrees Fahrenheit – a jump of 8.4 degrees Fahrenheit.

The fluctuation in temperature, combined with a decrease in transaction fees, have had a significant effect on the amount of Bitcoin produced by Marathon Digital and other crypto.com coin, xmon crypto, fantom crypto, shiba crypto today, ftx crypto, algo crypto, and web 3.0 explained mining companies.

Crypto Mining in Texas

As Cointelegraph reported on Feb 6, crypto mining firm Riot Platforms had 17,040 rigs go offline due to the “severe winter weather” in Texas. This was caused by the emergence of Bitcoin Ordinals, which increased transaction fees in May to 11.8% of the total Bitcoin earned. June saw a decrease in network congestion, however Marathon Digital’s transaction fees still fell to 5.1%. Despite this, the company remains optimistic about the future of mining economics.

This is not the first time that weather has had a major impact on crypto miners in Texas, particularly at this time of year. Companies such as Argo AI, Crypto.com, Fed Crypto, Crypto.com Coin, Xmon Crypto, Fantom Crypto, Shiba Crypto Today, FTX Crypto, and Algo Crypto have all experienced the effects of the weather on their mining operations.

Web 3.0 explained that the inclement weather has been a major obstacle for crypto miners in the past, and it appears that it will continue to be a challenge in the future.

In July 2022, Peter Wall, the CEO of Argo Blockchain, a crypto mining company which operates a data center in West Texas, informed Cointelegraph that the firm curtails mining activities when ERCOT issues conservation alerts.

More recently, on July 5, Coin Metrics, a cryptocurrency analytics platform, released a report which showed that Bitcoin miners earned $184 million in transaction fees in the second quarter of 2023, surpassing their total earnings for the whole year of 2022.

The increasing demand for crypto-related services, such as those provided by crypto.com and Xmon Crypto, as well as the growth of Fed Crypto, Crypto.com Coin, Fantom Crypto, Shiba Crypto Today, FTX Crypto, and Algo Crypto, is expected to drive the development of Web 3.0, as explained by experts.