Bitcoin mining companies reported a production decrease in June due to electricity restrictions in Texas.
Riot Platforms' Production Decline
Riot Platforms reported producing 450 Bitcoin in June, a 12% decrease from 514 BTC in May. CEO Jason Les noted that the firm's energy management strategy includes 'economic curtailment' and participation in the Electric Reliability Council of Texas (ERCOT) Four Coincident Peak (4CP) program. June marked the beginning of the 4CP program, aimed at managing peak electricity demand, allowing miners to voluntarily reduce operations.
Impact on Cipher Mining
Cipher Mining reported producing 160 BTC in June and selling 58 BTC. The company stated that its production numbers were affected by their 'proactive 4CP avoidance strategy'. This approach allows them to minimize penalties while maintaining low power costs, although overall monthly production was reduced due to strategic curtailment.
Results from MARA Holdings and CleanSpark
MARA Holdings reported a 25% reduction in production, mining 211 Bitcoin compared to 282 BTC in May. CEO Fred Thiel cited equipment issues and weather-related factors for the decrease. Conversely, CleanSpark increased its output by 6.7%, producing 445 Bitcoin while maintaining substantial reserves.
Overall, June proved challenging for many companies in the Bitcoin mining sector due to electricity supply constraints, negatively impacting production metrics.
