United States-based crypto mining operator Marathon Digital Holdings experienced a slight decrease in Bitcoin production for the month of August. However, the company’s production still outpaced the same period last year by a significant margin.
According to an unaudited report released by Marathon on September 5th, the company produced a total of 1,072 Bitcoin in August, which is 9% less than the previous month but five times more than in August 2022. Despite the decrease, Marathon remains on a positive trajectory in terms of overall production.
To achieve this level of output, Marathon increased its U.S. operational hash rate by 2% month-over-month to 19.1 exahashes in August. Additionally, the company upgraded its installed hash rate by 1% to 23.1 exahashes during the same period. The upgrade was made possible through the installation of Bitmain Antminer S19 XP models, which are more efficient than the previous S19j Pro miners.
Marathon has now successfully reached its primary domestic growth target of 23 exahashes and has set a new goal of 30 exahashes. To achieve this, the company plans to obtain two exahashes through international facilities and five exahashes through contracts with other entities.
On top of its U.S. mining operations, Marathon is also finalizing paperwork for a new mining facility in Garden City, Texas. In addition, the company’s joint venture in Abu Dhabi contributed to the August production, mining a total of 50 Bitcoin.
Marathon CEO Fred Thiel attributed the decrease in BTC production from July to increased curtailment activities in Texas, which were necessitated by record high temperatures. These temporary shutdowns had a greater impact on production than the company’s efforts to increase operational hash rate and optimize operations.
In August, Marathon also published its second-quarter 2023 financial results, which revealed a 228% increase in revenue compared to the same period in 2022. The company reported a $23.4 million gain from selling 63% of the Bitcoin mined in the quarter. This revenue was used to fund operating costs. However, the company did incur impairment charges of $8.4 million on the value of its held digital assets.
Overall, Marathon Digital Holdings continues to make significant progress in its Bitcoin mining operations, despite the challenges posed by climate conditions. The company’s focus on increasing hash rate and pursuing international partnerships puts it on track to achieve its ambitious production goals in the coming months.