- Crypto miner Marathon Digital (MARA) witnessed energization delays in Texas in May which is yet to happen.
- The entity held approximately 9,941 of the flagship crypto-asset worth $315.1 million on its balance sheet.
- The crowned cryptocurrency BTC is currently trading at $29,931 and is down by around 2% in the last twenty-four hours.
Earlier in the month of May, Bitcoin miner Marathon Digital (MARA) witnessed energization delays in Texas, and ongoing maintenance issues in the Hardin, Montana, facility, which resulted in the production of lesser Bitcoins (BTC), by around 47% than expected initially on the basis of the company’s hash rate previous month.
The crypto miner was initially informed by the host Compute North that the energization of its miners at its West Texas facility will start in April. Which was further delayed to May and by far the energization is yet to happen. Marathon highlighted that the issue is a tax matter for Compute North’s energy supplier.
The crypto-miner anticipated that the matter would be solved this month itself.
According to Fred Thiel, the Chief Executive Officer (CEO), in addition to its active fleet, new miner installation continues, with over 19,00 rigs installed and waiting for energization.
In spite of the latest industry trend of a bunch of miners selling some of their crypto holdings to facilitate funding operating costs and expansion, The crypto miner Marathon continues to HODL, signifying it has not sold any Bitcoin (BTC) since the month of October 2020.
According to the recent data, the entity held approximately 9,941 of the flagship crypto-asset worth $315.1 million on its balance sheet.
At the time of writing, Bitcoin (BTC) is exchanging hands at $29,931 with a market cap of $570,599,518,934 and is down by around 2% in the last twenty-four hours. The price of Bitcoin (BTC) has been a bit consolidated between a price range of $29k and $31k, given the recent market bearish trends in the overall digital assets space.
Source: https://www.thecoinrepublic.com/2022/06/10/crypto-miner-marathon-digital-bitcoin-production-failed-to-match-the-may-expectations/