Overview
United States-based cryptocurrency mining operator Marathon Digital Holdings saw a 9% drop in Bitcoin production in August compared to July. However, the company produced five times more Bitcoin than in August 2022.
August BTC Production and Miner Updates
Marathon Digital Holdings shared its unaudited BTC production and miner installation updates for August on September 5th. The company reported a 2% increase in its U.S. operational hash rate to 19.1 exahashes compared to the previous month. Additionally, the installed hash rate increased by 1% to 23.1 exahashes. This growth was achieved through the upgrade of miners to more efficient models.
Growth Targets
Marathon Digital Holdings has reached its primary domestic growth target of 23 exahashes. The company now aims to hit 30 exahashes, with two planned to be obtained through international facilities and five through contracts with other entities.
New Mining Facility in Garden City, Texas
The company is finalizing paperwork for its new mining facility in Garden City, Texas. In August, Marathon's joint venture in Abu Dhabi mined 50 Bitcoin.
Climate Conditions Affect BTC Production
Marathon CEO Fred Thiel attributes the decrease in BTC production to climate conditions, specifically increased curtailment activity in Texas due to record high temperatures. Temporary shutdowns offset the progress made in increasing operational hash rate and optimizing operations.
Q2 2023 Financial Results
In August, Marathon published its Q2 2023 financial results, reporting a 228% increase in revenue compared to Q2 2022. The company gained $23.4 million from selling 63% of the Bitcoin mined in the quarter, which was used to fund operating costs. Impairment charges on the value of held digital assets amounted to $8.4 million.
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