Cryptocurrency mining firm Marathon Digital says 75% of its mining rigs in Montana have gone offline due to a severe storm that had passed through Hardin.
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The company said in an official statement that it plans to resume its operations in the region as soon as the first week of July.
Nonetheless, Marathon says electrical tests of rigs indicated that the devices “were not materially damaged by the storm,” with only the plant’s cooling towers have been damaged and are in need of repair.
“Marathon’s bitcoin production is expected to be significantly reduced until repairs to the power generating facility in Montana can be completed or until the miners can be relocated to new facilities,” the company added.
Fred Thiel, Marathon Digital CEO, said that bringing miners fully back online “will take time” as the storm presented the company with a “new challenge that we are actively working to overcome.”
Amid the news, the company’s shares (MARA) plunged by almost 10% to $5.8 at Nasdaq. Marathon Digital’s market capitalization has decreased to $616.5 million.
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