Recently, Marathon Digital, one of the giant companies of the crypto money world, shared that there has been a 9 percent decrease in mining rates.
According to Marathon Digital’s report dated September 5, the company produced only 1,072 Bitcoin in August. While this number represents a 9% decline compared to the previous month, it is still five times higher when compared to August 2022.
Ongoing Growth Plans and Investments
Marathon Digital increased its operational hash rate by 2% in August by upgrading its mining equipment from Bitmain Antminer S19j Pro to S19 XP models. As a result of these upgrades, the company reached a hash rate of 23.1 exahash, meeting its primary overseas growth target. Now, the goal is to reach 30 exahash.
Climate Conditions and Mining
Fred Thiel, CEO of Marathon Digital, stated that the declines were largely due to record-high temperatures and energy cutbacks in Texas. These cutbacks negatively affected the company’s plans to increase its operational hash rate and optimize its operations.
Information shared in July indicated that June’s 21% decline in Bitcoin production was attributed to challenging weather conditions in Texas and a drop in transaction fees.
The volatile journey of the cryptocurrency market directly affects mining companies as well. Marathon Digital is among the companies feeling the impact of these fluctuations. Nevertheless, the company’s long-term growth plans and investments continue.