An official publication issued by Marathon Digital Holding revealed that Bitcoin production fell by 9% in the previous month. The report outlined the exact amount of Bitcoin produced between July and August.
The statistics shared by the Marathon group indicated that the Bitcoin miner generated 1072 BTC in August, a 9% decrease from July.
Factors Contributing to Decrease in Bitcoin Production
The decline in Bitcoin production was a major concern among the Marathon group. Commenting on this, the Bitcoin miner lamented that the shutdown of the Texas mining facility was the main contributor to the decline in production.
Addressing the media, the Marathon chief executive Fred Thiel restated that the curtailment activity in the Texas facility triggered the decrease in production of BTC. The CEO confessed that the extreme temperature in Texas forced Bitcoin miners to suspend site operations in the region temporarily.
Despite Texas’ unsuitability, the Marathon team has been investing in optimizing mining activities and increasing the hash rate. In May, the Marathon team was pleased to announce a 22% increase in operation exhashes per second (EH/s).
The Marathon team confessed that the hash rate had increased by 16% in April to reach 17.9 EH/s. At that time, the Bitcoin miner invested in replacing the old mining hardware “Bitmain S19 J Pro “with the latest version, including the S19 XPs to improve the performance of the site.
Interestingly, after the upgrade, the Marathon team experienced a 2% month-over-month increase in the US operation hash rates to reach 19.1 EH/s. The Bitcoin miner plans to continues increasing the operation hash rate by launching a new facility in Garden City, Texas.
Benefits of Increasing Operation Hash Rates
The Marathon team is currently completing the necessary paperwork for the new site. The Marathon boss expected that after the launch of the Garden City mining facility, the hash rate would exceed 30EH/s.
A review of the Marathon report demonstrated that the Marathon Abu Dhabi generated 50 Bitcoins in August. The Abu Dhabi site’s current operational hash rate is at 1.5 EH/s.
The team in the Arab country plans to increase the hash rate to 7.0 at the end of 2023. In an interview, the CEO confessed that Marathon Group seeks to expand to Latin America (Latam), Africa and Asia. Thiel stated the Marathon group seeks to tap into the endless opportunities in the countries mentioned above.
He anticipates that Marathon will own a 50/50 share in the US and other parts of the world in the coming days.
Marathon Digital Expansion Plan
The Marathon report illustrated that the Bitcoin miner owned 13286 BTC from August. Around 13111 BTC were unrestricted, while 750 Bitcoins were sold off during the month. The Bitcoiner miner pledges to dispose of a certain percentage of the total Bitcoin holdings.
The expected sale aims at supporting the firms’ monthly operations and meeting the cost of the general corporate needs. The Marathon team anticipates to utilize the revenue generated from the sale to maintain its treasury effectively. Primarily, the Marathon team ussually allocate a particular percentage of the Bitcoin to meet the treasury needs.
As of this publication, the Marathon team owns $111.2 million cash while the unrestricted cash and Bitcoin, totals to $445.5 million.