Marathon’s Bitcoin Mining Surges in August 2023

Marathon Digital Holdings, based in the United States, mined 1,072 bitcoins in August, which is 9% less than in July but five times more than in August 2022.

On September 5, Marathon disclosed August’s unaudited BTC production and miner installation statistics. The company’s operational hash rate in the United States increased by 2% month-over-month to 19.1 exahashes in August, and its implemented hash rate increased by 1% month-over-month to 23.1 exahashes.

The increase was caused by the upgrade of Bitmain Antminer S19j Pro miners to S19 XP variants, which are more efficient. Marathon has reached its initial domestic growth target of 23 exahashes and now intends to reach 30 exahashes, of which two will be obtained through international facilities and five through contracts with other organizations.

In addition to finalizing documentation for its new mining facility in Garden City, Texas, Marathon’s joint venture in Abu Dhabi mined 50 bitcoins in August.

As for the relative decline in BTC production, Marathon CEO Fred Thiel attributes it to the climate. In August, Marathon released its financial results for the second quarter of 2023, claiming a 228 percent increase in revenue over the second quarter of 2022.

“The decrease in Bitcoin production from July was largely due to increased curtailment activity in Texas due to record high temperatures. These temporary shutdowns more than offset the progress we have made to increase our operational hash rate and optimize our operations.”

The company reported a profit of $23.4 million from the sale of 63% of the Bitcoin mined during the quarter, which was used to cover operating expenses. It incurred $8.4 million in impairment charges on the value of its digital assets.