Marathon's bitcoin production plummeted in the second quarter, but the company insists it is looking to expand into new locations and working on the turnaround of new and existing facilities.
Bitcoin ( BTC ) mining company Marathon Digital Holdings saw a sharp 43.8% decline in bitcoin production during the second quarter of 2022; June was the company's least productive month in more than a year after the collapse of its Montana facility.
In its latest mining operation update published on July 7, Marathon reported that it produced 707.1 bitcoins in the second quarter of 2022, down 43.8% from the 1,258.6 bitcoins mined in the first quarter of 2022.
Marathon's bitcoin productivity has been on the decline in Q2 2022.
The company's bitcoin production took a particular hit in June, after the Marathon facility in Hardin, Montana was hit by a massive storm on June 11 that knocked out the power plant that powered 75% of your active fleet.
The outage made June the company's least productive month since March 2021, and threatens to continue into July, as to date, the Montana facility has yet to come back online, and no new blocks have been mined . of the MARA mining pool since June 12. Marathon CEO Fred Thiel acknowledged that the June storm had a big impact on productivity, but he also placed some of the blame for the lack of hash power on Marathon's new mining facility in Texas, which has yet to be completed. They have launched.
Thiel said the company has installed 29,640 miners "representing approximately 2.9 exahashes per second" in Texas already, although the expected June energization of its facilities has yet to occur.
Thiel said Compute North, the company that hosts the mining facility for Marathon's devices, cannot receive power until its power provider obtains "confirmation from the federal agency of its tax-exempt status."
Marathon vice president of corporate communications Charlie Schumacher told Cointelegraph earlier this month that it may be looking to diversify its mining operations into more states in the future.Schumacher said that in addition to existing facilities in Texas, the company was exploring options in Dakota, Oklahoma and Georgia.
Concerns have been raised that more bitcoin miners will sell coins to stay afloat amid rising energy costs and falling mining equipment and cryptocurrency prices. Cointelegraph reported on July 6 that miner revenue is down more than 70% from last November's high.
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So far, big miners like Argo, Bitfarms, Core Scientific, and Riot Blockchain have reported selling coins to pay bills. Schumacher added that Marathon has not yet sold any coins and has no current plans to do so, but did not rule it out as an option.
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