An August Downtrend: 9% Production Fall
United States-based crypto mining operator Marathon Digital Holdings hit a bump this past August, with its Bitcoin production dropping 9% compared to July. Yet, it’s not all gloomy. The company’s figures reveal they mined five times more Bitcoin than in August 2022, achieving a notable count of 1,072 BTC last month.
July Vs. August: Production Metrics
Marathon’s unaudited BTC production data, shared on Sept. 5, depicts a mixed picture. Although their production saw a month-on-month dip, they still ramped up their U.S. operational hash rate by 2% to 19.1 exahashes in August. Simultaneously, the installed hash rate saw a 1% boost, climbing to 23.1 exahashes. This improvement is attributed to their strategic shift, upgrading from Bitmain Antminer S19j Pro miners to the advanced S19 XP models.
Growth Goals: Setting the Sight Higher
Despite the recent setbacks, Marathon remains ambitious. Having achieved its primary domestic target of 23 exahashes, the company has set its sights on a new milestone: 30 exahashes. The plan is to attain two exahashes from international facilities, with the remaining five sourced through contracts from external entities.
Expanding the Mining Grid: Garden City and Abu Dhabi
Marathon is in the final stages of paperwork for its fresh mining hub in Garden City, Texas. Meanwhile, their joint venture in Abu Dhabi is already showing promise, having mined a respectable 50 Bitcoin in August.
Blame It On The Weather: CEO’s Statement
Climate anomalies are turning out to be a challenge for many industries, and Bitcoin mining is no exception. Marathon CEO, Fred Thiel, pinpointed the Texas weather as the key disruptor. Record high temperatures led to multiple temporary shutdowns, eclipsing any advances they made in operational efficiencies.
Financial Highlights: Q2 2023 Report
Marathon’s Q2 2023 financial data further cements its growing stature. A whopping 228% revenue surge over Q2 2022 was reported. This growth spurt enabled the company to register a $23.4 million profit by selling 63% of its quarterly Bitcoin haul. These proceeds predominantly catered to the firm’s operating expenses. However, it’s also noteworthy that the company had impairment charges totaling $8.4 million for its digital assets during the same period.