Bitcoin miner production falls in June on power curtailment, weather

Several Bitcoin mining firms reported lowered BTC production in June, mainly due to power curtailment in Texas.

Riot Platforms produced 450 Bitcoin (BTC) in the month, a 12% decline from May, when the firm mined 514 BTC, it stated in an announcement on Thursday.

Riot CEO Jason Les said the firm’s power strategy includes “economic curtailment” and voluntary participation in the Electric Reliability Council of Texas’s Four Coincident Peak (4CP) and other demand response programs

It “significantly contributes to grid stability while enhancing Riot’s competitive positioning,” he added

June marked the beginning of the ERCOT’s 4CP program, a tariff that captures demand charges in the market. It is designed to manage the periods of highest electricity demand during the months of June, July, August and September.

Large electricity consumers, such as Bitcoin miners, face transmission charges based on their usage during peak periods, so they can voluntarily curtail operations.

Riot also reported that it sold 397 BTC for $41.7 million and currently holds 19,273 Bitcoin.

Riot production figures for June. Source: Riot Platforms## Cipher production impacted

Cipher Mining reported this week that it had produced 160 BTC in June, sold 58 BTC, and holds 1,063 Bitcoin

The company stated that its June production numbers were impacted by deliberate curtailment as part of their “proactive 4CP avoidance strategy.”

“This approach allowed the company to avoid costly 4CP penalties and maintain its position as having some of the lowest power costs in the industry,” it stated

Related: Bitcoin production costs up 9% on higher hashrate, energy prices

Cipher’s Black Pearl facility in Texas started contributing to production at the end of June, but the overall monthly production was reduced due to the strategic curtailment

MARA mining down 25%

MARA Holdings also reported a 25% reduction in production for June, with 211 Bitcoin mined compared to 282 the previous month. As of June 30, the company held a total of 49,940 BTC and did not sell any during the month

MARA CEO Fred Thiel said, “Following a record-breaking May, production in June came in lower, with 211 blocks won for the month.”

He blamed the decline on “reduced uptime from weather-related curtailment” and the temporary deployment of older machines in its Garden City, Texas, facility while storm-related damage was being repaired

“Natural variability in block luck — an expected dynamic when operating our own mining pool — also contributed,” he said

CleanSpark bucks the trend

Meanwhile, CleanSpark increased its Bitcoin production by 6.7% in June, surpassing its mid-year hashrate target of 20 exahashes per second (EH/s)

The firm produced 445 Bitcoin and only sold 8, bringing its total holdings to 6,591 Bitcoin as of the end of the month

Magazine: Bitcoin vs stablecoins showdown looms as GENIUS Act nears

  • #Bitcoin
  • #Bitcoin Mining Add reaction
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • 報酬
  • コメント
  • 共有
コメント
0/400
コメントなし
いつでもどこでも暗号資産取引
qrCode
スキャンしてGateアプリをダウンロード
コミュニティ
日本語
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)