MARA Holdings’ Bitcoin mining production slid 25% in June due to operational challenges and the broader industry’s increasing difficulty, according to its latest report.

MARA mined 713 Bitcoin during June, or 237 fewer tokens than in May. Correspondingly, the company won 211 blocks, which was 25% less than its record-high 282 blocks won in May.

Mining Output Hindered by Weather and Technical Issues

The Florida-based firm attributes the production dip primarily to “weather-related curtailment” at a Texas facility and the temporary deployment of older machines during storm damage remediation in Garden City. Reduced uptime from storm damage and suboptimal hash rates contributed to the decline.

“The decrease was primarily due to reduced uptime from weather-related curtailment and the temporary deployment of older machines in Garden City while storm-related damage was being remediated,” MARA CEO Fred Thiel stated. Natural variations in block luck, common when operating their own mining pools, were also cited.

The company’s contingency plan involves increasing its network capacity by 40%, aiming for a network hash rate of 75 exahashes by the end of the year. Thiel highlighted these plans align with expansion while maintaining a focus on low-cost power and efficient growth.

Asset Holding Reaches Nearly $5 Billion

Despite the output dip, MARA’s Bitcoin holdings grew. The company held 49,940 BTC, worth more than $5 billion as Bitcoin neared $105,862 at around 09:00 AM ET during the reporting period.

Industry Context

The firm’s June results unfold against a backdrop of declining monthly block production, though MARA had logged a 38% month-over-month increase in May. This trend coincides with a rise in the industry-wide Bitcoin mining difficulty, which climbed 2.6% to 126.4 terahashes since late April.

MARA’s CEO noted the broader industry faces heightened requirements for mining Bitcoin on platforms like its own Solflare blockchain.

In a parallel effort to acquire Bitcoin asset, MARA announced plans in March for a $2 billion public stock offering specifically to purchase Bitcoin. The company joins an accelerating group of listed entities, including the former MicroStrategy, adopting a Bitcoin accumulation strategy.

CoinMarketCap data indicates more than 140 firms globally now hold significant Bitcoin reserves.