Several Bitcoin mining companies have reported a drop in BTC output for June, largely due to power outages in Texas.
The Riot platform announced it produced 450 Bitcoins that month. The information was shared on a Thursday update.
Riot’s CEO, Jason Les, mentioned that their power management strategy involves what he called “economic cuts” and participation in the Electric Reliability Council of Texas’s 4CP program. He believes this approach will help stabilize the electricity grid while improving Riot’s competitive edge.
June marked the start of ERCOT’s 4CP program, which is designed to manage electricity demand during the peak months of June through September. During these times, large consumers like Bitcoin miners can opt to reduce their operations to mitigate transmission fees incurred during peak usage.
Riot also disclosed that it sold 397 BTC for around $41.7 million, and it currently holds 19,273 Bitcoins.
Impact on Crypto Production
Another firm, Crypto Mining, reported that in June, it produced 160 BTC, sold 58 BTC, and currently holds 1,063 Bitcoins. They indicated that their production figures were affected by planned cuts as part of a strategy to avoid the 4CP penalties.
The company’s representatives said this strategy helped them bypass penalties and maintain relatively low electricity costs compared to competitors.
At the end of June, Cipher’s Black Pearl facility in Texas began contributing to production. However, due to strategic cuts, their monthly output was reduced.
Mara’s 25% Decline
Mara Holdings experienced a 25% decrease in production for June, mining 211 Bitcoins compared to 282 the previous month. The company’s total Bitcoin holdings stood at 49,940 as of June 30, and they did not sell any that month.
Mara’s CEO, Fred Thiel, noted that after a record output in May, production dipped significantly in June, attributing the decline to “reduced uptime from weather-related cuts” and the temporary deployment of older equipment in Garden City, Texas.
He also mentioned the natural fluctuations in block luck associated with operating their own mining pools might have contributed to the decrease.
CleanSpark’s Production Rise
On the other hand, CleanSpark saw a 6.7% increase in Bitcoin production in June, surpassing its mid-year annual hashrate target by 20 EH/s. They produced 445 Bitcoins but sold only eight, maintaining a total holding of 6,591 Bitcoins at the month’s close.
