Marathon Digital blames weather conditions for decreased Bitcoin yields.
Marathon Digital, a recognized Bitcoin mining company, has drawn a connection between adverse meteorological conditions in Texas and a fall in transaction charges as the key factors behind the dip in Bitcoin yield in June.
Marathon Digital witnessed a sharp drop of 21% in the number of Bitcoin they mined in June compared to May, as per the company's disclosure on July 5th.
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The significant drop in mined Bitcoin, which totaled to 979 BTC, was primarily due to the challenging weather in Texas, the site of Marathon's primary operations.
The decreased production relative to last month was due to weather-related curtailment in Texas and a significant decrease in transaction fees.
The Dallas branch of the National Weather Service in Texas highlighted that there was a notable rise of almost 8.4 degrees Fahrenheit in the average temperature between May and June.
Furthermore, Marathon Digital pointed out that transaction fees dwindled to approximately 5.1% of the total Bitcoin earned in June, in contrast to 11.8% in May.
The company attributed the surge in transaction fees in May to the launch of Bitcoin Ordinals. They added that despite the relief from network congestion in June, they maintain an optimistic perspective regarding the "future of mining economics."
In other Bitcoin miner-related news, recently, the news broke that during the last week of June alone, Bitcoin miners moved over $128 million to crypto exchanges.
Coin Metrics, a cryptocurrency analytics platform, reported that miners raked in $184 million from transaction fees in Q2 2023. Interestingly, this figure surpassed the total amount they earned throughout 2022.
The fluctuating weather conditions in Texas continue to influence Bitcoin mining activities, underscoring the environmental and climate vulnerabilities inherent to this economic sector.
