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Marathon Digital Holdings, a Bitcoin mining firm, reported the production of 1,072 BTC in August, marking a 9% decline from the prior month due to severe weather conditions in Texas.
Nonetheless, this production figure remains five times higher than that of August last year.
Marathon’s Bitcoin Production: August Edition
In its unaudited updates regarding BTC production and miner installations for August, Marathon Digital attributed the reduction in Bitcoin output from July to heightened curtailment activities in Texas caused by unprecedented high temperatures. Fred Thiel, the chairman and CEO of Marathon Digital, stated,
“The decline in Bitcoin production from July was primarily due to increased curtailment activity in Texas resulting from record-high temperatures. These temporary shutdowns significantly outweighed the advancements we have made in enhancing our operational hash rate and optimizing our processes.”
As per the official press release, Marathon Digital increased its operational hash rate in the U.S. by 2% month-over-month to 19.1 exahashes in August, while its installed hash rate rose by 1% month-over-month to 23.1 exahashes.
Thiel credited the month-over-month increase to the replacement of BITMAIN S19 J Pro miners with more efficient S19 XPs. The Bitcoin mining company is currently finalizing paperwork for its forthcoming mining facility in Garden City, Texas, and its joint venture in Abu Dhabi successfully mined 50 Bitcoin in August.
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The executive also disclosed that Marathon Digital met its primary domestic growth objective of 23 exahashes on an installed basis. He further mentioned
“As we aim for our next growth target, I am pleased to share that we have secured miners in the normal course of business for the next 5 exahashes of hash rate growth.”
With 23 exahashes installed domestically, plans for an additional two exahashes internationally, and a contracted capacity of five exahashes, Marathon Digital’s total anticipated hash rate upon full deployment is projected to reach 30 exahashes.
Selling Spree
Marathon currently possesses a total of 13,286 BTC. It sold 750 Bitcoin in August, valued at approximately $193 million. The company intends to liquidate a portion of its Bitcoin holdings in the coming months to facilitate its monthly operations, manage its treasury, and cover general corporate expenses.
The firm shifted away from its ‘hodling’ strategy to address operational costs in January after more than two years. Marathon had previously disclosed a total exposure exceeding $80 million to the bankrupt data center Compute North.
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