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- Marathon Digital reports a 9% decrease in Bitcoin
production in August.
- The company attributes the decline to extreme weather conditions in Texas.
- Bitcoin miners are reported to have started selling their BTC holdings.
Marathon Digital, a Bitcoin mining company, has attributed a decline in Bitcoin mining efficiency in August to severe weather conditions. The company reported a 9% decrease in Bitcoin production compared to July, largely due to increased restriction activities in Texas due to record high temperatures.
Current State of Bitcoin Mining
Marathon Digital’s CEO, Fred Thiel, stated that the company mined 1,072 Bitcoin in August. This figure is more than five times the number mined in August of the previous year. However, it represents a 9% decrease compared to July. The month-to-month decline is reportedly due to the extraordinarily high temperatures at Marathon Digital’s Bitcoin mining site in Texas.
Miner Sales and Marathon Digital
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Recent news indicates a broader selling trend within the Bitcoin mining community. Many miners have reportedly started selling some of their holdings in response to fluctuations in Bitcoin prices. Reports published on September 1 show that Bitcoin miners have initiated significant Bitcoin sales from their collective reserves. Data from Glassnode reveals that miners started this selling spree on August 26, when the BTC price fell below $26,000.
Legal Troubles for Marathon Digital
On May 2, a class-action lawsuit accused Marathon Digital of violating federal security laws. Klein Law Firm filed a complaint on behalf of Marathon Digital shareholders. The company is accused of making false and misleading statements for approximately two years. It is reported that Marathon Digital did not disclose information that could have a significant negative impact on its financial situation.
Extreme weather conditions in Texas have reportedly led to a decrease in Bitcoin production for Marathon Digital. This comes amidst a broader selling trend within the Bitcoin mining community and legal troubles for the company. The future of Marathon Digital and Bitcoin mining in general remains uncertain.