{"id":64135,"date":"2022-07-08T12:02:45","date_gmt":"2022-07-08T09:02:45","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=64135"},"modified":"2025-09-06T12:40:25","modified_gmt":"2025-09-06T09:40:25","slug":"marathon-cuts-bitcoin-mining-by-44","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/marathon-cuts-bitcoin-mining-by-44\/","title":{"rendered":"Marathon cuts Bitcoin mining by 44%"},"content":{"rendered":"<p>In the second quarter of 2022, Marathon Digital Holdings, the U.S. mining company, mined 707 BTC \u2014 down 43.8% from the <a href=\"https:\/\/u1f987.com\/en\/news\/marathon-mines-1258-6-btc-in-q1-2022\">first three months<\/a> of the year.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24MARA&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$MARA<\/a>\u2018s June 2022 <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#bitcoin<\/a>  production and mining operations is out:<\/p>\n<p>\u2014 29,640 miners (c. 2.9 EH\/s) ready to be energized<br \/>\u2014 Total <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&#038;ref_src=twsrc%5Etfw\">#BTC<\/a> holdings = 10,055 BTC <a href=\"https:\/\/twitter.com\/hashtag\/HODL?src=hash&#038;ref_src=twsrc%5Etfw\">#HODL<\/a> <br \/>\u2014 Produced 707 <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&#038;ref_src=twsrc%5Etfw\">#BTC<\/a> during 2022 Q2<a href=\"https:\/\/t.co\/Scd3NM3SYl\">https:\/\/t.co\/Scd3NM3SYl<\/a><\/p>\n<p>\u2014 Marathon Digital Holdings (@MarathonDH) <a href=\"https:\/\/twitter.com\/MarathonDH\/status\/1545137549181702152?ref_src=twsrc%5Etfw\">July 7, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Year-on-year, the figure rose by only 8%. Bitcoin mining began to fall from April, with June the weakest month (140 BTC).<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/n2RTc9g3FrHNkCTVOefsU2pgI0DSsEuy1Fe0bB1z_PEVE_xZ22evbyw8pHhqvKvVF9Ov9bjQnn1HVUIOtmEum4ysIij8CyBnKhsn1EbeBhCihE0fF1qKemU3rbl_Kxzt2ZX7os4XBfuX9ctwc\" alt=\"Marathon \u0441\u043e\u043a\u0440\u0430\u0442\u0438\u043b\u0430 \u0434\u043e\u0431\u044b\u0447\u0443 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430 \u043d\u0430 44%\"\/><figcaption>BTC production by month. Data: Marathon.<\/figcaption><\/figure>\n<p>The decline in quarterly mining was attributed to several factors:<\/p>\n<ul class=\"wp-block-list\">\n<li>delays in power delivery to facilities in Texas;<\/li>\n<li>maintenance of the Hardin, Montana power plant in April\u2013May and a hurricane that damaged it in June.<\/li>\n<\/ul>\n<p>According to Marathon chairman and CEO Fred Thiel, the company has <a href=\"https:\/\/u1f987.com\/en\/news\/marathon-to-host-more-than-100000-bitcoin-miners-at-compute-north-facilities\">the Compute North infrastructure provider<\/a> in Texas, for a total of about 49,640 miners with a potential hash rate of around 4.8 EH\/s. The equipment is ready to be connected to the network.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cDespite the numerous assurances that power would come online in June, the Compute North provider is still awaiting confirmation from the federal agency of its tax status,\u201d Thiel noted.<\/p>\n<\/blockquote>\n<p>On June 11, a hurricane through Hardin damaged the power plant&#8217;s cooling towers, <a href=\"https:\/\/u1f987.com\/en\/news\/hurricane-knocks-out-75-of-marathons-mining-capacity\">leaving 30,000 miners without power<\/a> in the region, Marathon\u2019s chief said. The firm had 6,300 active devices remaining, producing roughly 0.7 EH\/s.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cDespite the current operational challenges, we are working to capitalise on hosting opportunities, and we are actively engaging with various providers. Ultimately we look forward to overcoming these temporary difficulties and strengthening Marathon&#8217;s position as an industry leader,\u201d Thiel said.<\/p>\n<\/blockquote>\n<p>By quarter-end Marathon had 10,055 BTC (about $199 million) and cash on hand of roughly $88.7 million. The outstanding loan balance stood at $35 million.<\/p>\n<p>As noted in April, Marathon <a href=\"https:\/\/u1f987.com\/en\/news\/arcane-research-marathon-digital-shares-are-overvalued\">were among the most overvalued<\/a> among public mining companies, according to Arcane Research&#8217;s metric released in April.<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news on our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 crypto news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the second quarter of 2022, Marathon Digital Holdings mined 707 BTC \u2014 down 43.8% from the {{AOPEN_1}}first three months{{ACLOSE_1}} of the year.<\/p>\n","protected":false},"author":1,"featured_media":64136,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,1185],"class_list":["post-64135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-marathon-digital-holdings"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/64135","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=64135"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/64135\/revisions"}],"predecessor-version":[{"id":64137,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/64135\/revisions\/64137"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/64136"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=64135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=64135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=64135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}