Marathon has revealed that the mining company has produced 47% less Bitcoin than expected during this past month of May.
Marathon’s Bitcoin Mining Production Took A Hit Due To Power Issues Last Month
Marathon Digital Holdings yesterday released in a press release its BTC mining updates for the month of May 2022.
During this month, the Bitcoin mining company’s facilities in Texas faced energization delays due to host Compute North’s energy supplier awaiting resolution on a tax matter.
Marathon chairman and CEO Fred Thiel explains, “although we continue to install miners at the Texas facilities, we have experienced delays in energization as Compute North’s energy provider awaits federal agency confirmation of its exempt status for tax purposes based upon its arrangements with Compute North.”
Related Reading | Which Mining Company Contributed Most To Bitcoin’s Hashrate Growth In 2022?
The CEO said that the firm is continuing to work closely with Compute North, and currently expect the miners to begin to be active this month.
The energization problem, combined with the ongoing maintenance issues at the power generation station in Hardin, Montana, has lead to the Bitcoin miner producing around 47% less BTC than it expected based on the network hashrate in May.
Marathon is optimistic, however, that the company’s results would see an improvement over time as more miners are deployed and those in Texas are energized.
At the moment, the Bitcoin mining firm is the third largest miner in the market, behind only Core Scientific and Riot. The company currently has around 36k active mining rigs, producing a hashrate of about 3.9 EH/s.
Marathon has continued to hold on to its mined coins, with its reserve amounting to around 9,941 BTC (worth about $315 million) now.
Related Reading | Bitcoin MVRV Ratio Declines, But Not Near Bottom Zone Yet
“We remain confident that Marathon is well positioned to achieve its performance goals, and we will continue to provide updates as they materialize,” said the CEO.
“We look forward to continuing to execute on our strategy of achieving carbon neutrality by the end of this year and growing to 23.3 EH/s in early 2023.”
At the time of writing, Bitcoin’s price floats around $29.6k, up 1% in the last seven days. Over the past month, the crypto has lost 1% in value.
The below chart shows the trend in the price of the coin over the last five days.
The value of the crypto seems to have dwindled down over the last few days | Source: BTCUSD on TradingView
Bitcoin has been just hanging around the $30k mark over the past few days, facing a few dips below the level during the period.
At the moment, it’s unclear when the sideways movement will end and the crypto may observe some fresh price action.
Featured image from Unsplash.com, chart from TradingView.com