Marathon Digital reports June bitcoin production up 599% from last year

The company states: “We produced 979 bitcoin in June, down 21% from last month and up 599% from June 2022. The decreased production relative to last month was due to weather-related curtailment in Texas and a significant decrease in transaction fees, which fell to approximately 5.1% of the total bitcoin we earned in June compared to 11.8% in May. The emergence of Ordinals significantly increased transaction fees in May, and while network congestion eased in June, we view recent trends as a positive sign for the future of mining economics. In June, we increased our operational hash rate 16% month-over-month to 17.7 exahashes, and we increased our installed hash rate 8% month-over-month to 21.8 exahashes. The final steps to achieving our 23 EH/s goal are in Ellendale, ND and Garden City, TX. The final building in Ellendale is expected to come online this month, and final Garden City tie in is also expected within that same period. In addition, we are also excited to announce that our new joint venture in Abu Dhabi began hashing earlier this week as the first containers in our Mina Zayed facility powered up. The speed of execution from ideation to production is a testament to Marathon’s significant technology expertise and our growing team of mining professionals. Our UAE partners at Zero Two have quickly brought our combined vision to reality, and we continue to expect the full 7.0 exahashes to be online before year end 2023. Note despite this progress, the reported operational hash rate of 21.8 exahashes and 23 exahash guidance remain exclusive of the JV.”