Marathon Digital attributes a 21% decline in Bitcoin mining to adverse weather conditions

Bitcoin mining company Marathon Digital has linked the recent drop in the total number of bitcoins (BTC) mined in June to weather conditions in Texas and a drop in transaction fees.

According to a July 5 statement, Marathon Digital experienced a “21%” decrease in the total amount of bitcoin mined in June compared to the previous month of May.

Marathon reportedly produced “979 bitcoins” in June, one less than in May, also representing a 599% increase from June 2022.

The decline in production in June was largely due to the impact of weather conditions in Texas, where Marathon’s main operations are located. It’s worth noting that June marks the transition from spring to summer in Texas.

“The lower production compared to last month was due to weather restrictions in Texas and a significant reduction in transaction costs.”

Marathon Digital operational highlights and updates. Source: Marathon Globenewswire

Cointelegraph first reported in February. On August 6, crypto mining company Riot Platforms deployed 17,040 rigs offline in its Texas operations due to “severe winter weather” in the state.

It further noted that transaction fees for Marathon Digital fell to approximately “5.1%” of total bitcoin earned in June, compared to “11.8%” earned in May.

Noting that a “surge” of bitcoin ordinals significantly increased transaction fees in May, while network congestion eased in June, the company still has a positive outlook for “the future of the mining economy.”

Connected: Heating the house with a bitcoin miner: keeping warm with sats

In July 2022, it was reported that the weather was also having a major impact on crypto miners across Texas.

At the time, Peter Wall, CEO of crypto mining company Argo Blockchain, which operates a data center in West Texas, told Cointelegraph that the company was restricting mining activity when ERCOT issued a protection alert.

In recent news, a report published on July 5 by cryptocurrency analytics platform Coin Metrics revealed that bitcoin miners earned $184 million in transaction fees in the second quarter of 2023, more than in the entire year of 2022.

magazine: Should You Give Your Kids ‘Orange Pills’? The Case for Children’s Books About Bitcoin

Stay Connected With Us On Social Media Platforms For Instant Updates, Click Here To Join Us Facebook

For the latest news and updates, follow us on Google News

Read the original article here

Show More
Back to top button

disable ad blocker

please disable ad blocker