Mining Firm Marathon Mined in June 21% Less than in May

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Marathon Digital Holdings mined 979 BTC last month, a 21% reduction from the record in May, yet a 599% year-over-year increase.

Fred Thiel, CEO of the company, attributed the decreased production to the weather in Texas and a 5.1% decrease in commissions charged, in comparison to the prior month’s 11.8%.

Despite the irregularities, Thiel expressed optimism that the transitory decrease was a sign of a prosperous future for the mining world.

That month, Ut sold 700 BTC, bringing its reserves to 12,538 BTC.

Cash and cash equivalents on the balance sheet totaled $113.7 million. 18,500 new Bitcoin miners were added to the network by Marathon and 3,000 outdated devices were decommissioned – raising the total deployed units to around 149,900.

As a result, the company’s operating hash rate rose by 16% to 17.7 EH/s. With the inclusion of the uninstalled equipment, the theoretical power stands at 21.8 EH/s.

It is anticipated that after the deployment of the previously bought miners, about 66% of the hashrate will be generated by the energy-efficient Antminer S19 XP from Bitmain.