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The dip in Bitcoin (BTC) production for Marathon Digital in June has been linked back to fluctuating weather patterns in Texas and a diminishing number of transaction fees, leading to a considerable drop in Bitcoin output.
The usually booming Bitcoin mining powerhouse experienced a fall of 21% in its Bitcoin yields for the month of June in comparison to its earnings in May. This was revealed in a company statement dated July 5. Throughout the month of June, Marathon Digital managed to mine 979 Bitcoin units, a significant drop from its previous month’s production. The chief cause of this downturn was credited to unfavorable weather conditions in Texas, where Marathon Digital's main facilities are operational.
Weather records from the National Weather Service in Dallas, Texas, show an abrupt increase of 8.4 degrees Fahrenheit in the mean temperature as Texas transitioned from spring to summer in early June. The average temperature for May stood at 75.6 degrees, but rose to 84 degrees in June. Earlier this year, in February, severe winter weather in Texas led to the disruption of 17,040 mining rigs at Riot Platforms, another prominent crypto mining firm.
Furthermore, Marathon Digital’s earnings from transaction fees dropped to a mere 5% of total Bitcoin earnings in June, in contrast with 12% in May. This has been partially attributed to the rise of Bitcoin Ordinals that significantly boosted transaction fees in May. However, even as network congestion alleviated in June, Marathon Digital maintains an optimistic view on the potential growth of mining economics moving forward.
Fluctuating weather in Texas, coupled with a dip in transaction fees, led to a 21% decline in Marathon Digital's Bitcoin output for June. The company remains optimistic about the future of Bitcoin mining despite these challenges.
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