Crypto news

Why Bitcoin miners slashed production in June – Power curbs & storms to blame!

BBG News
  • Bitcoin miners decided to hit the brakes in June, and Texas’ power drama was to blame!
  • CleanSpark? Well, they were too busy breaking records and leaving competitors in the dust!

So, Bitcoin miners got a bit lazy in June. Why? Well, summer’s heatwave and some good ol’ power curbs in Texas were the culprits. But guess what? Not everyone was on vacation.

While some big names like Riot Platforms, Cipher Mining, and Marathon Digital decided to take it easy and slow down, CleanSpark thought, “Why follow the crowd?” They hit record-breaking growth in hash rate and went full throttle while everyone else took a nap!

Riot Platforms: When in doubt, blame the grid (and power bills)

Riot Platforms took a 12% dip in Bitcoin production. They mined 450 BTC compared to the 514 BTC they mined the month before. They say it’s for a good cause—keeping the Texas grid from going *poof* during peak summer demand.

Riot’s CEO, Jason Les, got creative and called it “economic curtailment,” which sounds fancy, but basically means they turned off the Bitcoin faucets to help the grid. “Look, we’re helping the planet, alright?” he says.

“…significantly contribute(s) to grid stability while enhancing Riot’s competitive positioning.”

They still managed to sell 397 BTC for a cool $41.7 million, with a nice little stash of 19,273 Bitcoin at the end of June.

Curtailment Strikes Again: Cipher and MARA Jump on the Bandwagon

Not to be outdone, Cipher Mining and MARA Holdings also decided to throttle down, citing power curtailments as the reason. Apparently, the “4CP program” made them hit pause. Who knew power cuts could be so fancy?

Cipher mined just 160 BTC (they sold 58, but let’s face it, they were probably waiting for a better deal). They claimed their “4CP avoidance strategy” was a big win. Smart move, I guess.

“…allowed the company to avoid costly 4CP penalties and maintain its position as having some of the lowest power costs in the industry.”

MARA, on the other hand, saw a dramatic 25% drop, mining only 211 BTC compared to 282 in May. Their CEO, Fred Thiel, had a lot of reasons, including the weather and some old, tired machines. But don’t worry, Fred, we’re sure the “block luck” will be back next time!

CleanSpark: Going Full Speed Ahead While Others Slow Down

While everyone else was pulling back, CleanSpark decided to break all the rules. They boosted Bitcoin production by 6.7%, mining 445 BTC, and sold a whopping 8 (guess they wanted to hold onto the good stuff).

Now, they’ve got 6,591 BTC in the vault and have exceeded their mid-year goal of reaching 20 EH/s in operational hashrate. Take that, competitors!

“Surpassing 20 EH/s… is more than double our hashrate from December,” said CEO Zach Bradford. Basically, they’re showing off. They’re expanding in Wyoming and Tennessee, aiming for 50 EH/s. No big deal, just doubling down on Bitcoin dominance.

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2025-07-05 05:17

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