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Marathon has revealed that the mining firm has produced 47% much less Bitcoin than anticipated throughout this previous month of May.

Marathon’s Bitcoin Mining Production Took A Hit Due To Power Issues Last Month

Marathon Digital Holdings yesterday released in a press launch its BTC mining updates for the month of May 2022.

During this month, the Bitcoin mining firm’s amenities in Texas confronted energization delays resulting from host Compute North’s power provider awaiting decision on a tax matter.

Marathon chairman and CEO Fred Thiel explains, “although we continue to install miners at the Texas facilities, we have experienced delays in energization as Compute North’s energy provider awaits federal agency confirmation of its exempt status for tax purposes based upon its arrangements with Compute North.”

Related Reading | Which Mining Company Contributed Most To Bitcoin’s Hashrate Growth In 2022?

The CEO stated that the agency is continuous to work carefully with Compute North, and presently count on the miners to start to be lively this month.

The energization drawback, mixed with the continuing upkeep points on the energy technology station in Hardin, Montana, has result in the Bitcoin miner producing round 47% much less BTC than it anticipated based mostly on the community hashrate in May.

Marathon is optimistic, nevertheless, that the corporate’s outcomes would see an enchancment over time as extra miners are deployed and people in Texas are energized.

At the second, the Bitcoin mining agency is the third largest miner available in the market, behind solely Core Scientific and Riot. The firm presently has round 36k lively mining rigs, producing a hashrate of about 3.9 EH/s.

Marathon has continued to carry on to its mined cash, with its reserve amounting to round 9,941 BTC (price about $315 million) now.

Related Reading | Bitcoin MVRV Ratio Declines, But Not Near Bottom Zone Yet

“We remain confident that Marathon is well positioned to achieve its performance goals, and we will continue to provide updates as they materialize,” stated the CEO.

“We look forward to continuing to execute on our strategy of achieving carbon neutrality by the end of this year and growing to 23.3 EH/s in early 2023.”

BTC Price

At the time of writing, Bitcoin’s price floats round $29.6k, up 1% within the final seven days. Over the previous month, the crypto has misplaced 1% in worth.

The under chart reveals the development within the value of the coin during the last 5 days.

The worth of the crypto appears to have dwindled down over the previous few days | Source: BTCUSD on TradingView

Bitcoin has been simply hanging across the $30k mark over the previous few days, dealing with a number of dips under the extent in the course of the interval.

At the second, it’s unclear when the sideways motion will finish and the crypto might observe some recent value motion.

Featured picture from Unsplash.com, chart from TradingView.com