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Marathon Digital Holdings, a crypto mining operator based in the United States, generated 1,072 Bitcoin (BTC) in August, marking a 9% decline from July but a fivefold increase compared to August 2022.
On September 5, Marathon released its unaudited BTC production and miner installation updates for August. The press release indicated that the company enhanced its U.S. operational hash rate by 2% month-over-month, reaching 19.1 exahashes in August, and raised its installed hash rate by 1% month-over-month to 23.1 exahashes. This increase was attributed to the upgrade from Bitmain Antminer S19j Pro miners to the more efficient S19 XP models.
Marathon has achieved its primary domestic growth objective of 23 exahashes and is now targeting 30 exahashes, with plans to acquire two through international facilities and five via contracts with other entities.
Related: Marathon Digital Q2 results miss revenue and earnings forecasts
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The company is also completing the necessary documentation for its new mining facility in Garden City, Texas, while its joint venture in Abu Dhabi mined 50 Bitcoin in August.
Regarding the decline in BTC production, Marathon CEO Fred Thiel attributes it to climatic factors:
“The decrease in Bitcoin production from July was largely due to increased curtailment activity in Texas due to record high temperatures. These temporary shutdowns more than offset the progress we have made to increase our operational hash rate and optimize our operations.”
In August, Marathon released its Q2 2023 financial results, reporting a 228% rise in revenue compared to Q2 2022. The company noted a $23.4 million profit from selling 63% of the Bitcoin mined during the quarter, which was utilized to cover operating expenses. Impairment charges on the value of its held digital assets amounted to $8.4 million.
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