Texas Warmth and Low-cost BTC Hit Marathon’s August Manufacturing

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The decline
in Bitcoin (BTC) costs in August and record-high temperatures in lots of components of
the world have led publicly traded cryptocurrency miners to think about the previous
month unsuccessful. One such firm is Marathon Digital Holdings (NASDAQ:
MARA), which just lately launched its unaudited operational updates for August
2023. The report reveals a 9% drop in Bitcoin manufacturing in comparison with the
earlier month, primarily resulting from momentary shutdowns of mining operations in red-hot
Texas.

Marathon
produced 1,072 Bitcoin in August, marking a 9% lower from July. In line with
Fred Thiel, Marathon’s Chairman and CEO, the decline was primarily resulting from
“elevated curtailment exercise in Texas resulting from report excessive
temperatures.” These momentary setbacks overshadowed the corporate’s efforts
to spice up its operational hash price .

Nevertheless,
there’s a important improve in crypto mining in comparison with final yr, partly resulting from
the larger quantity of obtainable computing energy. In August 2022, the corporate’s
common every day manufacturing was 5.9 BTC, and it has since elevated by 477% to
34.3 BTC per day.

The corporate
reported a 2% month-over-month improve in its US operational hash price, now at
19.1 exahashes. This development is primarily attributed to changing older BITMAIN
S19 J Professional miners with extra environment friendly S19 XPs mining rigs. Marathon can be
awaiting the completion of paperwork for its new facility in Backyard Metropolis,
Texas, which is anticipated to boost its operational capabilities additional.

Supply: Marathon Digital Holdings

“Throughout
August, we reached our main home development goal of 23 exahashes on an
put in foundation, Thiel commented. “As we glance to our subsequent development goal, I
am happy to announce that we now have secured miners within the abnormal course of
enterprise for the following 5 exahashes of hash price development.”

Marathon’s
three way partnership in Abu Dhabi, initiated in July, produced 50 Bitcoin in August,
of which roughly 10 Bitcoin is Marathon’s share. The operational hash
price for this enterprise has reached 1.5 exahashes, with plans to scale as much as 7.0
exahashes by the top of the yr.

As of 31
August 2023, Marathon holds a complete of 13,286 BTC, with 13,111 being
unrestricted. The corporate ended the month with $111.2 million in money and money
equivalents. The mixed stability of unrestricted money and Bitcoin elevated to
$445.5 million, in comparison with $201.5 million throughout the identical interval final yr.

Sudden Market Downturn Prices Crypto Miners
$2.8 Billion

5 main
cryptocurrency mining companies, together with Marathon Digital, skilled a
collective lack of $2.8 billion following a latest plunge in Bitcoin and the
total crypto market. Information from AltIndex reveals that the market
capitalization of those publicly traded mining corporations shrank by 30% in a
single month, plummeting from $9.5 billion to $6.7 billion. Concurrently, the
month-to-month income generated from mining actions reached new lows.

Supply: AltIndex

Key
trade gamers like Riot Platform and Marathon Digital Holdings had been amongst
the toughest hit, with their market capitalizations declining by $1.1 billion
(31%) and $800 million (25%), respectively. Different corporations like Canaan, Hut 8
Mining, and Cipher Mining Applied sciences additionally suffered important market share
losses.

Glassnode’s
latest information provides to the grim outlook, indicating that miners’ revenues have
dipped to a month-to-month low of almost $170 million. This downturn echoes an identical
occasion in 2022 that slashed their complete income by $6 billion.

Regardless of the
trade’s poor well being, Marathon Digital’s inventory has surged by 250% this yr.
Nevertheless, this upward development stopped in July at round $20, and since then, the
inventory value has declined by roughly 40% to about $12.

The decline
in Bitcoin (BTC) costs in August and record-high temperatures in lots of components of
the world have led publicly traded cryptocurrency miners to think about the previous
month unsuccessful. One such firm is Marathon Digital Holdings (NASDAQ:
MARA), which just lately launched its unaudited operational updates for August
2023. The report reveals a 9% drop in Bitcoin manufacturing in comparison with the
earlier month, primarily resulting from momentary shutdowns of mining operations in red-hot
Texas.

Marathon
produced 1,072 Bitcoin in August, marking a 9% lower from July. In line with
Fred Thiel, Marathon’s Chairman and CEO, the decline was primarily resulting from
“elevated curtailment exercise in Texas resulting from report excessive
temperatures.” These momentary setbacks overshadowed the corporate’s efforts
to spice up its operational hash price .

Nevertheless,
there’s a important improve in crypto mining in comparison with final yr, partly resulting from
the larger quantity of obtainable computing energy. In August 2022, the corporate’s
common every day manufacturing was 5.9 BTC, and it has since elevated by 477% to
34.3 BTC per day.

The corporate
reported a 2% month-over-month improve in its US operational hash price, now at
19.1 exahashes. This development is primarily attributed to changing older BITMAIN
S19 J Professional miners with extra environment friendly S19 XPs mining rigs. Marathon can be
awaiting the completion of paperwork for its new facility in Backyard Metropolis,
Texas, which is anticipated to boost its operational capabilities additional.

Supply: Marathon Digital Holdings

“Throughout
August, we reached our main home development goal of 23 exahashes on an
put in foundation, Thiel commented. “As we glance to our subsequent development goal, I
am happy to announce that we now have secured miners within the abnormal course of
enterprise for the following 5 exahashes of hash price development.”

Marathon’s
three way partnership in Abu Dhabi, initiated in July, produced 50 Bitcoin in August,
of which roughly 10 Bitcoin is Marathon’s share. The operational hash
price for this enterprise has reached 1.5 exahashes, with plans to scale as much as 7.0
exahashes by the top of the yr.

As of 31
August 2023, Marathon holds a complete of 13,286 BTC, with 13,111 being
unrestricted. The corporate ended the month with $111.2 million in money and money
equivalents. The mixed stability of unrestricted money and Bitcoin elevated to
$445.5 million, in comparison with $201.5 million throughout the identical interval final yr.

Sudden Market Downturn Prices Crypto Miners
$2.8 Billion

5 main
cryptocurrency mining companies, together with Marathon Digital, skilled a
collective lack of $2.8 billion following a latest plunge in Bitcoin and the
total crypto market. Information from AltIndex reveals that the market
capitalization of those publicly traded mining corporations shrank by 30% in a
single month, plummeting from $9.5 billion to $6.7 billion. Concurrently, the
month-to-month income generated from mining actions reached new lows.

Supply: AltIndex

Key
trade gamers like Riot Platform and Marathon Digital Holdings had been amongst
the toughest hit, with their market capitalizations declining by $1.1 billion
(31%) and $800 million (25%), respectively. Different corporations like Canaan, Hut 8
Mining, and Cipher Mining Applied sciences additionally suffered important market share
losses.

Glassnode’s
latest information provides to the grim outlook, indicating that miners’ revenues have
dipped to a month-to-month low of almost $170 million. This downturn echoes an identical
occasion in 2022 that slashed their complete income by $6 billion.

Regardless of the
trade’s poor well being, Marathon Digital’s inventory has surged by 250% this yr.
Nevertheless, this upward development stopped in July at round $20, and since then, the
inventory value has declined by roughly 40% to about $12.

GGT Shuts Down US Crypto Buying and selling Desk

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