Major Bitcoin mining firms reported lower production in June 2024 due to power curtailment issues in Texas.
Decrease in Production at Riot Platforms
Riot Platforms mined 450 Bitcoin in June, a 12% decrease from the 514 Bitcoin produced in May. CEO Jason Les explained that this was the result of participation in "economic curtailment" programs. The company participates in Texas grid programs including ERCOT’s Four Coincident Peak (4CP), which imposes additional transmission charges based on usage during peak hours.
Cost Management Strategies at Cipher Mining
Cipher Mining produced 160 Bitcoin, having sold 58, while holding 1,063 Bitcoin. They confirmed that reduced output was part of their "proactive 4CP avoidance strategy," which aims to prevent costly penalties and maintain low operational expenses.
Overall Trends in Bitcoin Mining
Other companies also reported decreases in production. For instance, Marathon Digital (MARA) mined 211 Bitcoin, down 25% from May’s figures. Conversely, CleanSpark increased its production by 6.7% to 445 Bitcoin but limited its sales to only 8 Bitcoin. These shifts in production reflect strategic operational adjustments rather than systemic issues.
The decrease in production by major Bitcoin miners in June 2024 is linked to energy conservation and cost management strategies in response to peak electricity demand in Texas.
