Crypto Updates

Texas Heat and Cheap BTC Hit Marathon’s August Production

Bitcoin Mining

The decline
in Bitcoin (BTC) prices in August and record-high temperatures in many parts of
the world have led publicly traded cryptocurrency miners to consider the past
month unsuccessful. One such company is Marathon Digital Holdings (NASDAQ:
MARA), which recently released its unaudited operational updates for August
2023. The report reveals a 9% drop in Bitcoin production compared to the
previous month, mainly due to temporary shutdowns of mining operations in red-hot

produced 1,072 Bitcoin in August, marking a 9% decrease from July. According to
Fred Thiel, Marathon’s Chairman and CEO, the decline was mainly due to
“increased curtailment activity in Texas due to record high
temperatures.” These temporary setbacks overshadowed the company’s efforts
to boost its operational hash rate .

there is a significant increase in crypto mining compared to last year, partly due to
the greater amount of available computing power. In August 2022, the company’s
average daily production was 5.9 BTC, and it has since increased by 477% to
34.3 BTC per day.

The company
reported a 2% month-over-month increase in its US operational hash rate, now at
19.1 exahashes. This growth is primarily attributed to replacing older BITMAIN
S19 J Pro…

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