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MARATHON DIGITAL HALTED THREE-FOURTH OF ITS MINING OPERATIONS DUE TO STORM

MARATHON DIGITAL HALTED THREE-FOURTH OF ITS MINING OPERATIONS DUE TO STORM

Marathon Digital, the largest Bitcoin miner in the U.S., has had to suspend three-quarters of its operations due to a power outage caused by a hurricane in Montana, confirming an earlier decision to leave the region.


Quick facts

The company listed on Nasdaq on Tuesday said its rigs could be strong enough to come back online at a reduced volume early in the first week of July.


Prior to the June 11 hurricane, Marathon had installed 30,000 mines in Montana, or just over 75% of its active infrastructure.


Miner Bitcoin production is expected to hit hard as a result. Marathon produced Bitcoin which it dug for itself on May 268, increasing its crypto capture to 9,941 from June 1st.


Marathon announced in April that it was preparing to move its mining operations in the third quarter from Montana to other regions that come with more sustainable energy sources.


U.S. power companies are facing problems due to extreme weather, and consumer power consumption is expected to reach a record high this summer, according to Reuters.


Marathon shares fell 9.8% and closed at $ 5.80 on Wednesday night trading.

Source: yahoo




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