In the second quarter of 2022, American mining company Marathon Digital Holdings mined 707 BTC, which is 43.8% less than in the first three months of the year.

Year-over-year, the figure increased by only 8%. Digital gold mining has been falling since April. June was the worst month (140 BTC).

The decrease in production in the second quarter was explained by the company for several reasons:

• delays in electricity supply to facilities in Texas;
• Maintenance at the Jardin, Montana power plant in April-May and a hurricane that damaged it in June.

According to Fred Thiel, president and CEO of Marathon, the firm has installed a total of about 49,640 miners at infrastructure provider Compute North in Texas, with a potential hashrate of ~4.8 EH/s. The equipment is ready to connect to the network.

“Despite many assurances that power delivery will occur in June, supplier Compute North awaits federal agency approval of its tax status,” Thiel said.

The head of the Marathon reminded that a hurricane passing through Hardin on June 11 damaged the cooling towers of the power plant and left 30,000 miners in the area without electricity. The company has 6300 active devices producing about 0.7 EH/s.

“Despite the current operational challenges, we are working to take advantage of hosting opportunities and are actively working with various providers. As a result, we look forward to tackling these temporary challenges and strengthening Marathon’s position as industry leader,” said Thiel.

At the end of the quarter, the company had accumulated 10,055 BTC (~$199 million) and had approximately $88.7 million in cash. The outstanding loan balance was $35 million.

Recall that Marathon shares are the most overvalued among public mining companies, according to the metric that Arcane Research analysts presented in April.

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