Marathon had a particularly rough production month in June after 75% of its fleet went down. It’s still uncertain when its mining facilities will be able to come back online.
June 2022 is registered as the least productive month for Bitcoin (BTC) mining company in over a year following the fall of its Montana facility. Marathon Digital Holdings experienced a steep 43.8% decline in Bitcoin production.
Marathon reported that it produced 707.1 Bitcoin in Q2 2022, down 43.8% from 1258.6 Bitcoin mined in Q1 2022 in its latest mining operation update published on July 7,
The company’s Bitcoin production took a specific hit in June, subsequently, after Marathon’s Hardin, Montana facility was hit by a massive storm on June 11 which knocked out the power station that fed 75% of its active fleet.
The outage made June the company’s least productive month since March 2021 and portends to continue into July, to date, the Montana facility is yet to return online, and no new blocks have been mined from the MARA mining pool since June 12.
Fred Thiel, Marathon CEO, approved that the storm, Hardin, in June had a major impact on productivity, but also cast some of the responsibility for the lack of hash power on Marathon’s new Texas mining facilities which have not yet switched on.
Thiel alleged the company has installed 29,640 miners “representing approximately 2.9 exahashes per second” in Texas already, however, the energization of its facilities expected in June has not yet come to pass.
Thiel added Compute North, the company hosting mining facilities for Marathon’s devices, can’t be powered until its energy provider gains “federal agency confirmation of its exempt status for tax purposes.”
Charlie Schumacher, Marathon VP of Corporate Communications told Cointelegraph earlier this month that it may be looking to differentiate its mining operations across more states in the future.
Schumacher said that in addition to the existing facilities in Texas, the company was discovering options in Dakota, Oklahoma, and Georgia.
“We have already been expanding in Texas at different facilities to reduce the reliance on a single major facility. Getting geographic diversity will help protect us in the future.”
Concerns have risen that more Bitcoin miners will sell coins in order to stay afloat amid rising energy costs and falling mining equipment and crypto prices. According to a report of Cointelegraph on July 6 miner revenues are down over 70% from last November’s high.
Presently, major miners such as Argo, Bitfarms, Core Scientific, and Riot Blockchain have all reported selling coins to pay bills. Schumacher added that Marathon has not sold any coins yet and has no current plans to, but did not rule it out as an option.
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