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Marathon mined 47% less Bitcoin than expected in May

Marathon mined 47% less Bitcoin than expected in May

Marathon revealed that the mining company produced 47% less Bitcoin than expected in May.

Marathon’s Bitcoin mining output was affected due to power issues last month

Marathon Digital Holdings yesterday released its BTC mining updates for the month of May 2022 in a press release.

During this month, the Bitcoin mining company’s facilities in Texas faced power-up delays as power provider Compute North awaited a resolution on a tax issue.

Marathon President and CEO Fred Thiel explains, “As we continue to install miners at the Texas facility, we have experienced power-up delays as Compute North’s power provider awaits confirmation from your state’s federal agency. tax exempt based on their agreements with Compute North. ”

Related Reading | Which mining company contributed the most to Bitcoin hashrate growth in 2022?

The CEO said that the company continues to work closely with Compute North and currently expects miners to start going live this month.

The power issue, combined with ongoing maintenance issues at the power plant in Hardin, Montana, led the Bitcoin miner to produce about 47% less BTC than expected based on network hashrate in May. .

Marathon, however, is optimistic that the company’s results will improve over time as more miners are deployed and those in Texas come online.

Currently, the Bitcoin mining company is the third largest miner in the market, behind Core Scientific and Riot. The company currently has around 36,000 active mining rigs, producing a hashrate of around 3.9 PE/s.

Marathon has continued to hold its mined coins, holding around 9,941 BTC (worth around $315 million) in reserve now.

Related Reading | Bitcoin MVRV ratio is declining, but still nowhere near the bottom

“We remain confident that Marathon is well positioned to meet its performance goals and will continue to provide updates as they materialize,” said the CEO.

“We expect to continue implementing our strategy to achieve carbon neutrality by the end of this year and reach 23.3 pe/s in early 2023.”

BTC price

At the time of writing this article, the price of Bitcoin hovers around $29,6000, up 1% in the last seven days. Over the past month, the crypto has lost 1% in value.

The chart below shows the price trend of the coin in the last five days.

The value of cryptocurrencies seems to have decreased in recent days | Source: BTCUSD on TradingView

Bitcoin has been hovering around the $30,000 mark for the past few days, facing a few dips below the level during the period.

At this time, it is unclear when the sideways move will end and the crypto may see further price action.

Featured image from Unsplash.com, chart from TradingView.com

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