Marathon Digital Holdings, one of the leading crypto mining companies, said 75% of its business is currently out of power due to the catastrophic storm that recently passed through Montana. Miners in the area are expected to recover some of their activity in the first week of July.
Results of Thunderstorm
Weather conditions in northwestern Montana have been extremely severe in the past few weeks, leading to power outages and infrastructure disruptions. Marathon Digital Holdings, one of the giants in the field of digital asset mining, was also affected.
recently publicationAccording to the company, a storm in early June has deprived all 30,000 miners in the region of operations.
“On Saturday, June 11, a violent storm passed through the town of Hardin, damaging several structures, including a power plant that powers the marathon’s Bitcoin mining business.”
It is worth noting that 30,000 miners make up 75% of all active fleets in the marathon. The damage is expected to be partially eliminated in early July. Even if that happens, the productivity of the enterprise will continue to decline significantly until the problem is completely resolved.
April, marathon Disclosure Intention to move some miners from Montana’s facilities to other parts of the United States. Given the current disadvantages, it may speed up the plan. Fred Thiel, Chairman and CEO of Marathon, provided further information on this issue.
“It will take some time to get the miners back online completely. We are working on rebuilding the hashrate and doing everything we can to improve Bitcoin production … apart from this event. Construction and installation in Texas continued on schedule, and in the current macro environment, the pipeline of potential new hosting contracts remains strong. “
Marathon recent efforts
In November 2021, the company Raised $ 500 million debt. I swear to use this money to buy Bitcoin and BTC mining machines.A few weeks later, the marathon Purchased The latest generation Antminer S-19XP mining equipment 78,000 units, about $ 900 million.
According to the agreement, Bitmain will deliver 13,000 units per month in July, August, September, October, November and December of this year.
It is also worth mentioning that the marathon is a listed company. After announcing news about the purchase of millions of dollars in mining machinery, stock prices have risen to nearly $ 35. However, in the months that followed, the valuation of the US dollar fell sharply and stocks are now trading at around $ 6.
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