Multiple Bitcoin mining companies reported a decline in BTC production in June, primarily due to power restrictions in Texas.
Riot Platforms announced on Thursday that the company produced 450 Bitcoins (BTC) in June, a 12% decrease from 514 BTC in May.
Riot CEO Jason Les stated that the company's power strategy includes "economic curtailment" and voluntary participation in the Texas Electric Reliability Council's four peak demand (4CP) and other demand response programs.
He added that this "significantly contributes to grid stability while enhancing Riot's competitive position."
June marked the start of the ERCOT 4CP program, which is a pricing mechanism to capture market demand charges. The program aims to manage peak electricity demand periods during June, July, August, and September.
Large power consumers like Bitcoin miners face transmission fees based on electricity usage during peak periods, allowing them to voluntarily limit operations.
Riot also reported that the company sold 397 BTC for $41.7 million and currently holds 19,273 Bitcoins.
Cipher Mining reported this week that the company produced 160 BTC in June, sold 58 BTC, and holds 1,063 Bitcoins.
The company stated that its June production data was affected by intentional curtailment as part of its "proactive 4CP avoidance strategy."
The company said, "This approach allows the company to avoid expensive 4CP penalties and maintain one of the lowest power costs in the industry."
Cipher's Black Pearl facility in Texas began contributing to production at the end of June, but overall monthly output decreased due to strategic curtailment.
MARA Holdings also reported a 25% decline in June production, mining 211 Bitcoins compared to 282 in the previous month. As of June 30, the company held a total of 49,940 BTC and did not sell any Bitcoins that month.
MARA CEO Fred Thiel stated, "After a record May, June's production declined, winning 211 blocks that month."
He attributed the decline to "reduced uptime due to weather-related curtailments" and the temporary deployment of older equipment during repairs for storm-related damage at its Garden City facility in Texas.
He said, "The natural variation in block luck—this is an expected dynamic when operating our own mining pool—also played a role."
Meanwhile, CleanSpark's Bitcoin production increased by 6.7% in June, exceeding its mid-year target of 20 exahashes per second (EH/s).
The company produced 445 Bitcoins, selling only 8, bringing its total holdings at the end of the month to 6,591 Bitcoins.
Related: Reports indicate that the International Monetary Fund (IMF) rejected power subsidies, leaving Pakistan's Bitcoin (BTC) mining plans in jeopardy.
Original article: “Bitcoin (BTC) miners see production drop in June due to power curtailment and weather factors”
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