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Marathon Digital cites scorching Texas heat for a 9% drop in August Bitcoin mining. Yet, they mined over five times more Bitcoins than last year during the same period. The company also faces a lawsuit alleging false financial statements.
Marathon Digital, a Bitcoin mining company, says that the drop in Bitcoin production in August was mainly because it was too hot in Texas, which forced them to reduce their mining activities.
Decline in Production Linked to Weather
Marathon Digital’s CEO, Fred Thiel, says they mined 1,072 Bitcoins in August, which is more than five times what they mined in August last year. However, it’s 9% less than what they mined in July. The reason for this drop compared to July is the extremely hot weather at their Bitcoin mining site in Texas.
Marathon Digital’s US Operational Highlights. Source: GlobeNewsWire
The report mentioned that temporary shutdowns canceled out the progress they made in boosting their operations.
Marathon Digital says they have 13,286 Bitcoins, worth about $341.9 million at the current Bitcoin price of $25,734.
They also sold 750 Bitcoins in August, which is around $193 million. They plan to keep selling some of their Bitcoin holdings in the coming months to cover their expenses.
On September 1, it was reported that Bitcoin miners started selling a significant amount of Bitcoin from their reserves over the past week. They began this selling spree on August 26 when the Bitcoin price dropped below $26,000.
The data shows that Bitcoin miners sold around 4,000 BTC in the past week.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
