Giant Bitcoin mining company Marathon Digital has mined less BTC than last month.
Despite the turbulent process in the cryptocurrency market, companies interested in Bitcoin mining continue to gain. Many major mining companies survive with millions of dollars in BTC revenues.
Marathon Digital, which continues its activities in the mining field, announced its earnings balance. Announcing its unaudited financial statement for August, the company issued less BTC compared to the previous month.
Marathon Digital crashes in BTC mining
Bitcoin (BTC) mining company Marathon Digital has mined less BTC in its mining operations compared to last month. However, the company earned five times more BTC compared to August of the previous year.
Marathon Digital released its financial report the other day. According to the press release from the company, the hash rate of continued operations in the USA increased by 2 percent. The biggest factor in this increase of the mining company was the Bitmain Antminer S19j Pro device. The company achieved its first target of 23 exahash. The miner has a growth of 30 exahash as target.
Marathon CEO Fred Thiel made statements about the financial statement. Referring to the decrease in BTC gains compared to last month, Thiel said;
The decline in Bitcoin production compared to July was largely due to increased blackout activity in Texas due to record high temperatures. These temporary shutdowns more than offset the progress we’ve made in increasing our operational hash rate and optimizing our operations.
Although the company achieved lower acquisitions compared to last month, it has a large earnings statement compared to the previous year. Looking at the second quarter of 2023, the company generated 228 percent more revenue compared to the same period of the previous year. Marathon Digital also sold 63 percent of the BTC it issued this quarter to finance company expenses.
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