Due to the extreme weather conditions in Texas, Marathon Digital mined 21% less BTC in June

Due to the extreme weather conditions in Texas, Marathon Digital mined 21% less BTC in June

One of the leading cryptocurrency mining companies – Marathon Digital – produced 979 BTC in June, 21% less than the 1,245 BTC mined in May.

At the end of last month, the company owned 12,538 BTC, making it one of the largest corporate holders of the primary digital asset.

The June numbers

The US based BTC minerannouncedthat the extremely hot weather in Texas last month and the emergence of Ordinals, which “significantly increased transaction fees,” had a negative impact on Bitcoin production.

Keep in mind that temperatures in the Lone Star State exceeded 35 degrees (Celsius) in the second half of JunecausedSome local cryptocurrency mining companies have temporarily suspended their activities to preserve the power grid.

Despite the reduced production, CEO Fred Thiel explained that Marathon Digital increased its operating hash rate by 16% month-over-month to 17.7 exahashes and its installed hash rate to 21.8 exahashes.

"The final steps toward our 23 EH/s goal will occur in Ellendale, ND, and Garden City, TX. The final building in Ellendale is expected to come online later this month, and final connection to Garden City is also expected during the same time frame," he added.

The company also added 18,500 BTC miners at Applied Digital's facilities in Ellendale, North Dakota, bringing the total fleet to 149,900 machines.

Marathon Digital usually sticks to a HODL strategy. However, it parted with 700 BTC in June and expressed its intention to sell more of its assets in the future “to support monthly operations, manage treasury and for general corporate purposes.”

At the end of last month, the company had 12,538 BTC (equivalent to over $385 million at current prices). The company ended June with $113.7 million in unrestricted cash and cash equivalents on its balance sheet.

Great success in the first quarter

Marathon Digital experienced operational difficulties throughout 2022 caused by the ongoing bear market, massive storms and compromise of its distressed data center - Compute North.

Nevertheless, the new year started well,Mining2,195 BTC in the first quarter (significantly more than the 1,259 BTC mined in the first quarter of 2022).

“In the first quarter of 2023, we made notable progress in executing on our two key initiatives for the year, which are to power our previously purchased mining rigs to achieve our goal of 23 exahashes by the middle of this year, and to optimize our performance to be both more effective and efficient.” – CEO Thiel explained.

Marathon Digital also reduced its debt by $50 million and terminated its credit facilities with collapsed Silvergate Bank in the first quarter.

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