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Marathon Digital Sees 6% Decline in Bitcoin Production for February
Marathon Digital, a prominent Bitcoin mining firm, reported a decline in Bitcoin production for February, citing higher network difficulty and fewer operational days as the primary reasons.
According to the company’s Bitcoin production report, released on March 4, the Florida-based firm experienced a 6% decrease in Bitcoin production compared to the previous month. However, the report also highlighted a 4% increase in crypto production per day compared to January.
Higher Network Difficulty and Fewer Operational Days
Fred Thiel, Marathon Digital’s chairman and CEO, attributed the decline in Bitcoin production to higher network difficulty and fewer operational days. “Blocks won and Bitcoin production decreased by 6% month-over-month, primarily due to a higher network difficulty level and three fewer operational days,” he stated.
Our energized hashrate was slightly above the prior month, and we are close to finishing construction of a 40-megawatt data center in Ohio where we plan to install over ten thousand S21 Pro immersion miners.
Long-term Opportunities in Artificial Intelligence
Thiel emphasized the company’s focus on strengthening its position in the artificial intelligence (AI) space, which is expected to create additional revenue opportunities over the long term. “We expect our costs to decline as we realize savings from owning our sites and generating our own power, and we will be laser-focused on efficiency as we drive towards our goal of low-cost energy.”
Challenges in the Bitcoin Mining Sector
The rise in network difficulty has posed a challenge for Bitcoin miners since the Bitcoin halving in April 2024, which reduced rewards per mining block. As a result, miners are facing increased competition on the network, leading to fewer blocks being won and impacting production numbers.
Marathon’s shares on pre-market trading plummeted 5% following the production update. The deployment timeline for the new miners at the Ohio site remains uncertain.
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