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<\/p>\nBitcoin (BTC) mining company Marathon Digital Holdings experienced a steep 43.8% decline in bitcoin production over the second quarter of 2022, with June registering as the company\u2019s least productive month in over a year following the fall of its Montana facility.\u00a0<\/p>\n
In its latest mining operation update released on July 7, Marathon reported that it produced 707.1 Bitcoin in Q2 2022, down 43.8% from 1258.6 Bitcoin mined in Q1 2022.\u00a0<\/p>\n
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The company\u2019s Bitcoin production took a particular hit in June, after Marathon\u2019s Hardin, Montana facility was hit by a massive storm on June 11 which knocked out the power station that fed 75% of its active fleet.\u00a0<\/p>\n
The outage made June the company\u2019s least productive month since March 2021, and threatens to continue into July, as to date, the Montana facility is yet to return online, and no new blocks have been mined from the MARA mining pool\u00a0since June 12.\u00a0<\/p>\n
Marathon CEO Fred Thiel acknowledged that the storm in June had a major impact on productivity, but also cast some of the blame for the lack of hash power on Marathon\u2019s new Texas mining facilities which have not yet switched on. <\/p>\n
Thiel said the company has installed 29,640 miners \u201crepresenting approximately 2.9 exahashes per second\u201d in Texas already, though the energization of its facilities expected in June has not yet come to pass. <\/p>\n
Thiel said Compute North, the company hosting mining facilities for Marathon\u2019s devices, can\u2019t be powered until its energy provider gains \u201cfederal agency confirmation of its exempt status for tax purposes.\u201d<\/p>\n
Marathon VP of Corporate Communications Charlie Schumacher told Cointelegraph earlier this month that it may be looking to diversify its mining operations across more states in the future. <\/p>\n
Schumacher said that in addition to the existing facilities in Texas, the company was exploring options in Dakota, Oklahoma, and Georgia. <\/p>\n
\u201cWe have already been expanding in Texas at different facilities to reduce the reliance on a single major facility. Getting geographic diversity will help protect us in the future.\u201d<\/p><\/blockquote>\n
Concerns have arisen that more Bitcoin miners will sell coins in order to stay afloat amid rising energy costs and falling mining equipment and crypto prices. Cointelegraph reported on July 6 that miner revenues are down over 70% from last November\u2019s high.<\/p>\n