Bitcoin advocate criticized for backing wallet authentication project

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Bitcoin (BTC) miner Marathon Digital Holdings has revealed that 75% of its mining capacity has shut down since a severe storm hit Montana on June 11.

Marathon finally released a statement on its website Tuesday explaining that the storm hit the town of Hardin, Montana on June 11, damaging a power generation facility that supplies Marathon’s local mining operations. According to the company, “Initial electrical tests showed 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 business since the storm. Bitcoin blockchain explorers report that miners are down for two and a half weeks:

“With these miners offline, Marathon’s Bitcoin production is expected to drop dramatically until repairs to the Montana power generation facility are completed or until miners can be moved to new facilities.”
Marathon noted that the facility will remain without electricity until the damaged BeoWulf Energy power facility is repaired.

Marathon CEO Fred Thiel stated that the facility could start mining again at reduced capacity as early as the first week of July if some repairs are made in time.

Its remaining hash power was directed to contribute to external mining pools while repairs were made to the damaged facility:

“Marathon pointed to the remaining active miners, representing about 0.6 EH/s, away from the company’s mining pool, MaraPool, and toward a third-party mining pool in order to increase the earning potential of Bitcoin.”
Exahash per second (EH/s) indicates the amount of hashing power a miner contributes to secure the Bitcoin network.

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

Mining difficulty has reached its lowest level since April, according to Bitcoin network tracker CoinWarz.

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