{"id":55320,"date":"2023-07-09T02:22:44","date_gmt":"2023-07-09T02:22:44","guid":{"rendered":"https:\/\/egrowonline.com\/?p=55320"},"modified":"2023-07-09T02:22:44","modified_gmt":"2023-07-09T02:22:44","slug":"marathon-digital-attributes-21-decline-in-bitcoin-mined-to-adverse-weather-conditions","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=55320","title":{"rendered":"Marathon Digital attributes 21% decline in Bitcoin mined to adverse weather conditions"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div data-v-7c7881ea=\"\">\n<p>Bitcoin mining company Marathon Digital has linked its recent slump in the total amount of Bitcoin&#8217;s (<a target=\"_blank\" href=\"https:\/\/cointelegraph.com\/bitcoin-price\" rel=\"noopener\">BTC<\/a>) mined in June to the weather conditions in Texas and a drop in transaction fees.<\/p>\n<p>According to a July 5 <a target=\"_blank\" href=\"https:\/\/www.globenewswire.com\/news-release\/2023\/07\/05\/2699990\/0\/en\/Marathon-Digital-Holdings-Announces-Bitcoin-Production-and-Mining-Operation-Updates-for-June-2023.html\" rel=\"noopener nofollow\">statement<\/a>, Marathon Digital experienced a \u201c21%&#8221; decline in June for the total amount of Bitcoin\u00a0mined compared to the previous month of May. <\/p>\n<p>It was reported that Marathon produced &#8220;979 Bitcoin in June,&#8221; which, although lower than May, it also reflects a 599% increase compared to June 2022.\u00a0<\/p>\n<p>The primary reason cited for the decline of production in June was the impact of the weather conditions in Texas, where Marathon&#8217;s main operations are located. It&#8217;s worth noting that June marks the transition from spring to summer in Texas.<\/p>\n<blockquote><p>\u201cThe decreased production relative to last month was due to weather-related curtailment in Texas and a significant decrease in transaction fees.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-07\/7f0d19b3-f44a-40ad-981b-44a81e78c28f.png\" \/><figcaption style=\"text-align: center\"><em>Marathon Digital&#8217;s Operational Highlights and Updates. Source: Marathon GlobeNewsWire<\/em><\/figcaption><\/figure>\n<p>Cointelegraph previously reported on Feb 6 that crypto mining firm Riot Platforms had 17,040 rigs <a target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/riot-reports-17k-miners-offline-due-to-texas-weather\" rel=\"noopener\">deployed at its operations<\/a> in Texas offline due to \u201csevere winter weather\u201d in the state.<\/p>\n<p>It was further explained that Marathon Digital\u2019s transaction fees fell to approximately \u201c5.1%\u201d of the total Bitcoin earned in June, compared to \u201c11.8%\u201d earned in May.<\/p>\n<p>It was noted that the \u201cemergence\u201d of Bitcoin Ordinals significantly increased transaction fees in May, adding that while network congestion eased in June, the company still has a positive outlook for the \u201cfuture of mining economics.\u201d<\/p>\n<p><strong><em>Related: <\/em><\/strong><a target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/heating-a-home-with-a-bitcoin-miner-staying-warm-with-sats\" rel=\"noopener\"><strong><em>Heating a home with a Bitcoin miner: Staying warm with sats<\/em><\/strong><\/a><\/p>\n<p>In July 2022, weather was also reported to be having a major impact on crypto miners throughout Texas.<\/p>\n<p>At that time, Peter Wall, CEO of crypto mining company Argo Blockchain that operates a data center in West Texas told Cointelegraph that the company curtails mining operations when ERCOT sends out a conservation alert.<\/p>\n<p>In more recent news, a report <a target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-miners-raked-millions-in-fees-q2-amid-ordinals\" rel=\"noopener\">released on July 5<\/a> by cryptocurrency analytics platform Coin Metrics revealed that Bitcoin miners made a $184 million from transaction fees in the second quarter of 2023, which is more than they made throughout the entire year of 2022.<\/p>\n<p><strong>Magazine: <\/strong><a target=\"_blank\" href=\"https:\/\/cointelegraph.com\/magazine\/orange-pill-children-bitcoin-kids-books\/\" rel=\"noopener\"><strong>Should you \u2018orange pill\u2019 children? The case for Bitcoin kids books<\/strong><\/a><\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/marathon-digital-decline-mined-bitcoin-weather-conditions\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin mining company Marathon Digital has linked its recent slump in the total amount of Bitcoin&#8217;s (BTC) mined in June to the weather conditions in Texas and a drop in transaction fees. According to a July 5 statement, Marathon Digital experienced a \u201c21%&#8221; decline in June for the total amount of Bitcoin\u00a0mined compared to the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":55321,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[37],"tags":[11446,16385,50,5540,2697,271,2399,6895,6295],"class_list":["post-55320","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-adverse","tag-attributes","tag-bitcoin","tag-conditions","tag-decline","tag-digital","tag-marathon","tag-mined","tag-weather"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2023\/07\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDcvMjAxMzA4MzYtYTg4OS00MzBiLTg2YzMtODMyMWU3MjQ2ZGNlLmpwZw.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/55320","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=55320"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/55320\/revisions"}],"predecessor-version":[{"id":55322,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/55320\/revisions\/55322"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/55321"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=55320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=55320"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=55320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}