Giant Bitcoin mining company Marathon Digital mined less BTC than last month.
Despite the turbulent period in the cryptocurrency market, companies involved in Bitcoin mining continue to make profits. Many large mining companies maintain their existence with millions of dollars of BTC revenues.
Marathon Digital, which continues its activities in the field of mining, announced its earnings balance sheet. The company, which announced its unaudited financial statement for August, issued less BTC than the previous month.
Marathon Digital disrupted BTC mining
Bitcoin (BTC) mining company Marathon Digital mined less BTC in its mining operations than last month. However, the company earned five times more BTC compared to August of the previous year.
Marathon Digital published its financial report the other day. According to the press release from the company, the hash rate of operations in the USA increased by 2 percent. The mining company’s biggest factor in this increase was the Bitmain Antminer S19j Pro device. The company reached its first goal of 23 exahash. The miner has a growth target of 30 exahash.
Marathon CEO Fred Thiel made a statement about the financial statement. Referring to the decrease in BTC gains compared to last month, Thiel said;
The decline in Bitcoin production from July was largely due to increased outage activity in Texas due to record high temperatures. These temporary shutdowns have more than offset the progress we have made to increase our operational hash rate and optimize our operations
Although the company achieved lower acquisitions compared to last month, it has a larger earnings picture compared to the previous year. Looking at the second quarter of 2023, the company generated 228 percent more revenue compared to the same period in the previous year. Marathon Digital also sold 63 percent of the BTCs it mined this quarter to finance company expenses.
