Marathon’s Bitcoin Mining Hits a Speed Bump in August: Blame the Weather!

Marathon, the US crypto mining giant, faced a bit of a hiccup last month. Their Bitcoin mining rate took a 9% dip compared to July. But hey, every cloud has a silver lining: they still managed to mine a whopping 1,072 Bitcoins. That’s five times the gold they struck in August 2022. Not too shabby, right?

So, what’s the buzz on the street? On September 5th, Marathon spilled the beans about their BTC production stats for August. Word on the street is they’ve beefed up their operational hash rate in the US by a modest 2%, clocking in at a mind-boggling 19.1 exahashes. And with a sprinkle of tech magic, they upgraded their Bitmain Antminer gadgets to sleeker, more efficient models. The result? A 1% rise in the installed hash rate. You do the math!

Marathon’s not stopping there, folks. They’ve hit their domestic target of 23 exahashes and are setting their sights on a whopping 30 exahashes. Some of that growth is going to come from across the pond and some sweet deals with other big players.

Now, for a little gossip. Marathon’s about to put pen to paper for a brand new mining hub in the heart of Texas, Garden City. Teaming up with a buddy in Abu Dhabi, they mined a cool 50 Bitcoins there last month.

Now, you might wonder, what on Earth caused that 9% drop in August? Drumroll, please… The weather! Yep, you heard right. Marathon’s head honcho, Fred Thiel, spilled the tea, saying the blazing Texas heat caused some unexpected timeouts. “Mother Nature threw us a curveball with those scorching temps in Texas. Took a bit of wind out of our sails, overshadowing the leaps and bounds we’ve made recently,” he lamented.

Oh, and before I forget, Marathon announced their Q2 2023 financials last month. Let’s just say they’re laughing all the way to the bank with a staggering 228% revenue jump compared to Q2 2022. They raked in a cool $23.4 million from selling a chunk of their Bitcoin stash, and that’s after taking an $8.4 million hit on some digital asset value drops.

Talk about a roller-coaster ride, huh? Hang tight, folks, because in the world of crypto, the next big twist is just around the corner!

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