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Bitcoin mining company Marathon Digital has linked the recent drop in bitcoin mining in June to weather conditions in Texas and a drop in transaction fees.
as of July 5 statementMarathon Digital experienced a “21%” drop in the total amount of bitcoin (BTC) mined in June compared to the previous month of May.
Marathon reportedly produced “979 bitcoins in June”, which is less than in May, but also represents a 599% increase compared to June 2022.
The primary reason for the decline in production in June was the impact of weather conditions in Texas, where Marathon’s main operations are located. It’s worth noting that June marks the transition from spring to summer in Texas.
“The decrease in production compared to the previous month was due to weather-related outages in Texas and a significant reduction in transaction fees.”
Cointelegraph previously reported on February 6 that crypto mining firm Riot Platforms had deployed 17,040 rigs offline across its operations in Texas due to “severe winter weather” in the state.
It further noted that transaction fees for Marathon Digital fell to approximately “5.1%” of total bitcoin earned in June, compared to “11.8%” earned in May.
Noting that the “emergence” of bitcoin ordinals significantly increased transaction fees in May, while network congestion eased in June, the company still has a positive outlook for “the future of mining economics.”
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In July 2022, the weather was also reported to have a major impact on crypto miners across Texas.
At the time, Peter Wall, CEO of Argo Blockchain, a crypto mining company that operates a data center in West Texas, told Cointelegraph that the company ceases mining operations when ERCOT sends a protection alert.
In recent news, a report released on July 5 by cryptocurrency analytics platform Coin Metrics revealed that bitcoin miners earned $184 million in transaction fees in the second quarter of 2023, more than they did in the entire year of 2022. Is.
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