Bitcoin Mining Production Drops in February: Miners Report
Date: 2024-03-06 Author: Dima Zakharov Categories: IN WORLD
Bitcoin Mining Output Declines
Marathon Digital Holdings, one of the prominent Bitcoin mining firms, disclosed a significant decline in Bitcoin production for February. The company mined 833 BTC, marking a 23% decrease compared to the previous month.
Operational Challenges and Hashrate Growth
Despite a 9% increase in hashrate to 28.7 EH/s, Marathon Digital faced operational hurdles that impacted its mining operations. CEO Fred Thiel attributed the reduced operational speed and Bitcoin production to unplanned shutdowns at facilities in Garden City and Ellendale. These facilities collectively contribute around 43% of the total hashrate. Technical maintenance of transformers and power lines caused the downtime.
Impact on Production Capacity
Thiel mentioned that due to these issues, the company operated at only 61% of its total capacity on average. Despite these challenges, Marathon Digital expanded its mining fleet by 8% to 231,000 devices by the end of February.
Financial Results and Future Plans
As of February 29, 2024, Marathon held 16,930 BTC. The company sold 290 BTC and expressed intentions to liquidate some digital assets in the future to support monthly operations, treasury management, and corporate objectives.
Marathon Digital also presented its financial report for the 2023 fiscal year, revealing a substantial increase in hashrate from 7 EH/s in 2022 to 24.7 EH/s. Bitcoin production surged by 210%, reaching a record high of 12,852 BTC from 4,144 BTC in the previous year.
