Bitcoin miner Marathon Digital announced that it experienced a 21 percent drop in Bitcoin mining in June. The company said it attributed this drop to weather conditions in Texas.
Marathon Digital stated that weather conditions in Texas, where Bitcoin mining operations take place, negatively affected production in June. According to Marathon Digital’s statement, a total of 979 Bitcoins were mined in June, marking a 21 percent drop compared to May. The company stated that the main reason for the decrease in production was the weather effects and the decrease in transaction fees.
Marathon Digital also stated that transaction fees decreased significantly in June compared to May, accounting for about 5.1 percent of total Bitcoin production. The reason for this decrease was the alleviation of congestion in the Bitcoin network and changes in transaction fees. This statement of the company was met with interest by the community.
Marathon Digital Holdings is a cryptocurrency mining digital asset technology company with a focus on the blockchain ecosystem and the production of digital assets. The company was founded on February 23, 2010 and is headquartered in Las Vegas, NV.
According to data from Coin Metrics, Bitcoin miners generated $184 million in transaction fees in the first quarter of 2023. That’s more than the sum of all of 2022.