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A Bitcoin mining company, Marathon Digital, attributed the decline in Bitcoin mining efficiency in August to extreme weather conditions. According to the statement, the decrease in Bitcoin production compared to July was largely due to increased restriction activities in Texas caused by record high temperatures.
The Current State of Bitcoin Mining
Fred Thiel, the CEO of Marathon Digital, stated that the company mined 1,072 Bitcoins in August, surpassing the previous year’s figures by more than five times. However, this represents a 9% decrease compared to the previous month of July. According to the report, the month-to-month decline compared to July is due to the extraordinary high temperatures experienced in Marathon Digital’s Bitcoin mining field in Texas.
The report stated:
These temporary shutdowns more than offset the progress we made in increasing our operational hash rate and optimizing our operations.
Marathon Digital claims to currently own 13,286 Bitcoins worth $341.9 million. At the time of the report, the current price of Bitcoin was $25,734. Additionally, Marathon Digital stated that it sold approximately 750 Bitcoins worth about $19 million in August. The company plans to continue selling Bitcoin in the coming months to facilitate monthly operations, manage its treasury, and cover general corporate expenses.
Miner Sell-Off and Marathon Digital
However, recent news indicates a broader trend of sell-offs within the Bitcoin mining community. It has been reported that many miners are selling a portion of their holdings in response to fluctuations in Bitcoin prices.
Reports published on September 1st showed significant Bitcoin sales from the collective reserves of Bitcoin miners. Glassnode data reveals that miners initiated this selling frenzy on August 26th when the BTC price fell below $26,000.
The data also shows that Bitcoin miners successfully liquidated approximately 4,000 BTC in the past week. On May 2nd, Marathon Digital was sued in a class-action lawsuit for allegedly violating federal securities laws. Klein Law Firm filed a complaint on behalf of Marathon Digital shareholders.
The company is accused of making false and misleading statements for approximately two years. It is alleged that Marathon Digital failed to disclose information that could have a significant adverse impact on its financial condition.
