Marathon Digital, a Bitcoin mining company, has recently been linked with the slump in the cryptocurrency- as it mined in June under adverse weather conditions in Texas, which further led to a drop in the transaction fees. According to a statement made on the 5th of July, the company experienced a decline of 21% in June, for the total amount of BTC that was mined compared with May.
The main reason that was cited for this production decline, which saw around 979 tokens produced throughout the month, was the impact of the weather condition in the state, where the main operations of the company are located. The start of June also marks the transition all the way from spring to summer in Texas.
Marathon Digital Has Blamed The Weather For Bad Mining Results
According to data that was received from the National Weather Service in Dallas, Texas, there was an increase of around 8.4 degrees Fahrenheit in the average temperature between the months of May and June. May managed to average around 75.6 degrees, while June averaged around 84 degrees. On 6th February, Cointelegraph reported that Riot Platforms, the crypto mining firm, had around 17,040 mining rigs go completely offline at its operations in the state of Texas due to severe winter weather in the state.
The statement also added that the transaction fees of the company fell to approximately 5.1% of the total cryptocurrency which was earned in June, which was later compared to 11.8% earned in May. It further noted that the emergency of Bitcoin Ordinals had significantly increased the fees of transactions in May, adding that while the network congestion was easily relieved in June, Marathon Digital still has a pretty positive outlook for the future of mining.