Marathon Digital Associates 21% Decrease in June Bitcoin Mining to Texas Weather Conditions and Transaction Fee Reduction
In a statement released on July 5, Bitcoin mining firm Marathon Digital attributed the recent decline in its total amount of mined Bitcoin, valued at $30,276, to the adverse weather conditions in Texas and a decrease in transaction fees. The company reported a 21% drop in Bitcoin mining output in June compared to the preceding month of May.
Highlights and updatateds
Operational highlights
Metric | Year-over year comparison 6/30/20236/30/2022 | Prior month 6/30/20235/32/2023 |
Btc produced Avg. BTC produced per | 979 140 559% | 979 1.245 -21% |
Day | 32.6 4.7 559% | 32.6 40.2 -21 |
Operation/energized hash Rate (EH/s)1 Installed hash Rate (EH/s)2 | 17.7 0.7 2429% 21.8 3.6 506% | 17.7 15.2 16% 21.8 20.1 8% |
Weather Conditions in Texas and Decrease in Transaction Fees Impact Marathon Digital’s June Bitcoin Production
Marathon Digital, a Bitcoin mining company, experienced a decline in production during June, with a total of 979 Bitcoins mined throughout the month. The primary reason cited for this decrease was the adverse weather conditions in Texas, where the company’s main operations are based. Notably, June marks the transition from spring to summer in Texas.
Data from the National Weather Service in Dallas, Texas, revealed a significant increase of nearly 8.4 degrees Fahrenheit in the average temperature between May and June. May recorded an average of 75.6 degrees Fahrenheit, while June averaged 84 degrees Fahrenheit.
This is not the first time weather conditions have affected crypto mining operations in Texas. In a previous report on February 6, Riot Platforms, another mining firm, witnessed the offline status of 17,040 rigs due to severe winter weather in the state.
Additionally, Marathon Digital experienced a decline in transaction fees, which accounted for approximately 5.1% of the total Bitcoin earned in June compared to 11.8% in May. The emergence of Bitcoin Ordinals had significantly increased transaction fees in May, but network congestion eased in June. Despite these challenges, Marathon Digital remains optimistic about the future of mining economics.