Prominent Bitcoin mining company Marathon Digital Holdings has published its Bitcoin production and mining operation update for June 2023.
In the report released yesterday, Marathon revealed that its Bitcoin production decreased by 21% from May due to weather-related issues in Texas and a decline in transaction fees on the Bitcoin network.
“We produced 979 bitcoin in June, down 21% from last month and up 599% from June 2022,” said the Company’s CEO, Fried Theil. “The decreased production relative to last month was due to weather-related curtailment in Texas and a significant decrease in transaction fees, which fell to approximately 5.1% of the total bitcoin we earned in June compared to 11.8% in May,” Theil added.
The Marathon boss noted that the rise of the Bitcoin ordinals contributed to an increase in network fees back in May, and although network congestion decreased in June, he stated that the mining company is quite optimistic about the future of mining economics.
Marathon’s Operational Hash Rate Boosts By 16%
Marathon’s monthly report revealed that the mining company’s operational hash rate gained by 16% in June, rising to 17.2 exahashes/second (EH/s). Its installed hash rate also increased to 21.8 EH/a, representing an 8% gain in the last month.
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According to its CEO, Marathon remains committed to its goal of attaining 23 EH/s by boosting its operations in North Dakota and Texas, as emphasized by its CEO.
The final steps to achieving our 23 EH/s goal are in Ellendale, ND and Garden City, TX. The final building in Ellendale is expected to come online this month, and final Garden City tie in is also expected within that same period.
Theil also announced that the company’s joint venture with Zero Two in Abu Dhabi began operations last week and is expected to achieve a hash rate of 7 EH/s before the end of the year. However, this JV operation does not contribute to the reported operational hash rate of 17.2 EH/s and the mining target of 23 EH/s.
Marathon’s Growth In The Last Year
Looking at its Year-Over-Year production rate, Marathon reports that its level of Bitcoin production has gone up by 599% since June 2022, moving from an average daily intake of 4.7 BTC to 32.6 BTC.
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Furthermore, the company’s current operational hash rate of 17.7 EH/s represents a stunning increase of 2,429% compared to last June’s value of 0.7 EH/s. However, its installed hash rate only experienced a percentage gain of 506% moving from 3.6 EH/s to 21.8 EH/s.
That said, Marathon stands as a leading mining company with approximately 149,000 Bitcoin miners as of July 1, 2023.