Bitcoin mining company Marathon Digital has linked the recent drop in its total amount of Bitcoin (BTC) mined in June to weather conditions in Texas and a drop in transaction fees.
According to a July 5 statementMarathon Digital saw a "21%" decrease in June in the total amount of Bitcoin mined compared to the previous month of May.
The main reason cited for the decline in production in June, in which 979 Bitcoin were produced for the entire month, was the impact of weather conditions in Texas, where Marathon's main operations are located.
"The decrease in production relative to last month was due to the weather-related restriction in Texas and a significant decrease in transaction fees."
It's worth noting that June marks the transition from spring to summer in Texas.
According data from the National Weather Service in Dallas, Texas, there was a jump of nearly 8.4 degrees Fahrenheit in the average temperature between May and June. May averaged 75.6 degrees Fahrenheit, while June averaged 84 degrees Fahrenheit.
Cointelegraph previously reported on Feb. 6 that crypto mining firm Riot Platforms saw 17,040 platforms go offline. in your operations in Texas due to โsevere winter weatherโ in the state.
It was further explained that Marathon Digital's transaction fees fell to approximately "5.1%" of total Bitcoin earned in June, compared to "11.8%" earned in May.
It was noted that the โemergenceโ of Bitcoin Ordinals increased transaction fees significantly in May, adding that while network congestion eased in June, the company still has a positive outlook for the โfuture of the mining economy.โ
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This is not the first time that the weather at this time of year in Texas has had a major impact on crypto miners.
In July 2022, Peter Wall, CEO of crypto mining firm Argo Blockchain, which operates a data center in West Texas, told Cointelegraph that ERCOT sent out a hold alert that forced Argo, along with many other operators miners in the area, to temporarily shut down mining. activities.
In more recent news, a report released on july 5 by cryptocurrency analytics platform Coin Metrics revealed that Bitcoin miners earned $184 million from transaction fees in the second quarter of 2023, which is more than they earned for the entire year of 2022.
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