Marathon Digital Holdings, a well-known Bitcoin mining company, has released its Bitcoin production and mining operations update for June 2023.
In the report published yesterday, Marathon announced that its Bitcoin production had decreased by 21% compared to May due to weather-related issues in Texas and a decrease in transaction fees on the Bitcoin network.
“We produced 979 Bitcoin in June, 21% less than last month and 599% more than in June 2022,” said the company’s CEO, Fried Theil. “The decrease in production compared to last month was due to weather-related restrictions in Texas and a significant decline in transaction fees, which in June amounted to approximately 5.1% of total Bitcoin contracts, compared to 11.8% in May,” added Theil.
The Marathon CEO pointed out that the increase in Bitcoin order volume in May had already contributed to an increase in network fees, and although network congestion had decreased in June, he stated that the mining company was quite optimistic about the future of the mining industry.
Marathon’s operational hash rate increases by 16%
The monthly report from Marathon revealed that the mining company’s operational hash rate increased by 16% to 17.2 exahashes per second (EH/s) in June. The installed hash rate also increased to 21.8 EH/s, representing an 8% increase from the previous month.
According to its CEO, Marathon remains committed to reaching 23 EH/s through expansion activities in North Dakota and Texas.
“The final steps towards reaching our 23 EH/s goal are taking place in Ellendale, ND, and Garden City, TX. The last building in Ellendale is expected to go online later this month, and the final connection to Garden City is also expected during the same period,” Theil said.
Theil also announced that the company’s joint venture with Zero Two in Abu Dhabi had started operations last week and is expected to reach a hash rate of 7 EH/s before the end of the year. However, this JV operation does not contribute to the reported operational hash rate of 17.2 EH/s and the mining target of 23 EH/s.
Marathon’s growth over the past year
Looking at the production rate on a yearly basis, Marathon reports that Bitcoin production has increased by 599% since June 2022, from an average daily intake of 4.7 BTC to 32.6 BTC.
Furthermore, the company’s current operational hash rate of 17.7 EH/s represents an astonishing increase of 2,429% compared to the value of 0.7 EH/s last June. However, the installed hash rate only saw a percentage increase of 506% from 3.6 EH/s to 21.8 EH/s.
Nevertheless, Marathon is considered a leading mining company with around 149,000 Bitcoin miners as of July 1, 2023.
Featured image by Financial Times; chart from Tradingview.