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A hurricane that struck Montana on June 11 damaged a power plant in Hardin that powers 30,000 miners at Marathon Digital Holdings.
According to the statement, this hardware accounts for more than 75% of the firm's active mining capacity.
It is expected that devices will be able to resume operation at reduced power in the first week of July. According to the company, most of the miners were not affected by the incident.
Cooling towers were damaged at the power plant after the hurricane, damage assessments are ongoing, Marathon said.
The remaining active bitcoin mining capacity of 0.6 EH/s was switched from its MaraPool pool to a third-party one to increase the likelihood of receiving a reward.
In April, the company announced the transition of miners from the Hardin facility to more sustainable energy sources to achieve carbon neutrality. It was supposed to happen in the third quarter. Now Marathon is evaluating the possibility of speeding up the process of moving out of Montana.
The company said that amid problems in Hardin, the deployment of equipment in Texas continues as scheduled.
Recall that in the first quarter of 2022, Marathon recorded a loss of $13 million.
In April, analysts at Arcane Research ranked the firm's shares as the most overvalued among public mining companies based on a metric they developed.