- The company mined 979 Bitcoins in June.
- The figures represent a 21% decline from the previous month.
The cryptocurrency mining company, Marathon Digital Holdings, released its production and mining operation for June on Friday. The company announced a reduction in production, reportedly due to bad weather in Texas and high transaction fees.
The number of Bitcoins mined by Marathon Digital in June was 979, representing a decline of 21% from that of May. Furthermore, June’s production declined 600% from the numbers reported in the same period last year.
“The emergence of Ordinals significantly increased transactions fees in May, and while the network congestion eased in June, we view recent trends as a positive sign for the future of mining economics,” Marathon explained in Friday’s press release.
Bitcoin Ordinals introduced non-fungible tokens (NFTs) on the oldest blockchain network. This concept started in January and quickly gained popularity as it attracted more users to the network. However, around April, the Ordinals caused a rise in transaction fees in Bitcoin.
Nonetheless, Marathon Digital reportedly increased its mining capacity in June. The company increased its operational hash rate by 16% from the previous month to 17.7 exahashes, and the installed hash rate capacity increased by 8% to 21.8 exahashes.
Industry Slowdown
The decline in Bitcoin mining production is not unique to Marathon Digital but cuts across the industry. Hut 8 recently released its mining production update. The Canadian Bitcoin mining company mined 120 Bitcoins in June, a decline of 18% compared to the figures reported the previous month.
Similarly, Riot Blockchain, among North America’s largest Bitcoin miners, reported a decline in production in June. The Colorado-based company mined 460 Bitcoins in the period, a drop from the 676 mined in May.
