Due to the weather conditions in Texas (USA) due to the considerable increase in temperature, the income of the mining companies located in that state has decreased.
Bitcoin has always been criticized for the excessive energy consumption for mining operations. This may be evident due to the weather conditions in Texas (USA), where a significant rise in temperature has affected energy production, leading to a decrease in income for bitcoin mining companies located in the aforementioned state.
Marathon Digital has reported that harsh weather conditions in Texas have severely affected it, and that overall bitcoin gains have decreased by 5.1% in June, compared to 11.8% in May. Bitcoin withdrawn by the firm decreased by 21%.
Marathon Digital only produced 979 BTC in June.
This drop came despite the release of the BTC Ordinals in May.
Despite everything, the company takes an optimistic view of long-term profitability.
Data from the US National Weather Service showed that temperatures in Texas increased significantly, with an increase of 8.4 °F from an average of 75.6 °F or 24.22 °C in May to 84 °F or 28.88 °C in June.
These temperature changes have been shown to affect mining in the US state historically.
Riot Platforms, another crypto mining company, experienced a temporary disruption to its operations when 17,040 of its platforms went offline due to severe winter weather in February.
In 2022, Argo Blockchain, which operates in West Texas, was forced to temporarily suspend its mining operations due to a conservation alert issued by the Texas Electric Reliability Board.
On Monday, the bitcoin price is trading with a decline at $30,130. The 70 and 200 SMAs remain below the price, the RSI is down 56 points and the fast line (blue) of the MACD is below the slow line (red), both above these levels.