75% of Marathon’s mining fleet still offline two weeks after huge storm

Bitcoin mining company Marathon Digital Holdings has revealed that 75% of its mining capability has been out of commission since a severe storm hit Montana on June 11. 

Marathon finally issued a statement on its website on June 28 explaining that the storm struck across the town of Hardin, Montana on June 11, damaging the power generating facility that supplies Marathon’s local mining operations. According to the company, “initial electrical tests have found that the majority of the Company’s miners were not materially damaged by the storm.”

The company noted that 30,000 devices, or 75% of the company’s fleet, have been out of action since the storm. Bitcoin blockchain explorers indicate that the miners have been down for two and a half weeks.

“With these miners offline, Marathon’s Bitcoin production is expected to be significantly reduced until repairs to the power generating facility in Montana can be completed or until the miners can be relocated to new facilities.”

Marathon noted that the facility will remain without power until the damaged power facility from BeoWulf Energy can be repaired.

Marathon’s CEO Fred Thiel stated that the facility could begin mining again at a reduced capacity as early as the first week of July if certain repairs are made in time.

It has directed its remaining hashpower to contribute to external mining pools while repairs are being made on the damaged facility.

“Marathon has pointed its remaining active miners, representing approximately 0.6 EH/s, away from the Company’s mining pool, MaraPool, and towards a third-party mining pool in order to increase the probability of earning Bitcoin.”

Exahash per second (EH/s) refers to the amount of hashpower a miner contributes to secure the Bitcoin network.

Marathon contributed about 3.9 EH/s from 36,830 active miners through May and held 9,941 BTC worth about $201.4 million according to CoinGecko.

Mining difficulty is at its lowest level since April according to Bitcoin network tracker Coinwarz.

Related: Bitcoin mining revenue mirrors 2021 lows, right before BTC breached $69K

The company stated that 19,000 miners representing 1.9 EH/s had been installed in Texas-based facilities and were awaiting the energy needed to switch them on.

In light of the functional outages caused by the storm in Hardin, the company said that it is “currently evaluating the possibility of expediting the move of its miners from Montana to new hosting locations,” which could include faster deployment to its new Texas facilities in order to prevent this issue in Hardin from happening again.

All Dutch and English crypto news!

CME Group plans to launch options on ETH futures prior to the Merge

Major derivatives marketplace Chicago Mercantile Exchange Group intends to launch options trading for its Ether futures products. In a Thursday announcement, the CME Group said that...

Blockchain venture capital funding down over 43% in July: Report

Typically a lagging indicator of the sector's health, the explosion of venture funding in the blockchain sector in 2021 and the first half of 2022...

Bitcoin ‘liveliness’ lowest since 2021 amid new 5-year BTC hodl record

Bitcoin (BTC) long-term holders are knuckling down as a record portion of the BTC supply stays dormant for years. Data from on-chain analytics firm Glassnode confirms...

Asia Broadband Inc. seeks to further unite the crypto and gold worlds

Asia Broadband, Inc. wants to further unite cryptocurrency and gold in a bid to improve the company's digital asset development group.   Asia Broadband, Inc. (OTC:AABB) announced...

Beste exchanges

Koop je crypto bij Bitvavo