Marathon has revealed that the mining company has produced 47% less Bitcoin than expected during this past month of May.
During this month, the Bitcoin mining company’s facilities in Texas faced energization delays due to host Compute North’s energy supplier awaiting resolution on a tax matter.
Marathon chairman and CEO Fred Thiel explains, “although we continue to install miners at the Texas facilities, we have experienced delays in energization as Compute North’s energy provider awaits federal agency confirmation of its exempt status for tax purposes based upon its arrangements with Compute North.”
The CEO said that the firm is continuing to work closely with Compute North, and currently expect the miners to begin to be active this month.
Marathon is optimistic, however, that the company’s results would see an improvement over time as more miners are deployed and those in Texas are energized.
At the moment, the Bitcoin mining firm is the third largest miner in the market, behind only Core Scientific and Riot. The company currently has around 36k active mining rigs, producing a hashrate of about 3.9 EH/s.
Marathon has continued to hold on to its mined coins, with its reserve amounting to around 9,941 BTC (worth about $315 million) now.
“We remain confident that Marathon is well positioned to achieve its performance goals, and we will continue to provide updates as they materialize,” said the CEO.
“We look forward to continuing to execute on our strategy of achieving carbon neutrality by the end of this year and growing to 23.3 EH/s in early 2023.”
The below chart shows the trend in the price of the coin over the last five days.
Bitcoin has been just hanging around the $30k mark over the past few days, facing a few dips below the level during the period.
At the moment, it’s unclear when the sideways movement will end and the crypto may observe some fresh price action.