Bitcoin Miner Production Drops in June on Power Cuts

Leading bitcoin miners cut production in June due to strategic power curtailment in Texas, aiming to avoid high peak demand charges during ERCOT’s 4CP program.

Riot cuts production to join ERCOT’s 4CP program

In June, major bitcoin miners reduced BTC output as they engaged in economic power curtailment programs in Texas. Riot Platforms reported producing 450 BTC, down 12% from May’s 514 BTC. Riot CEO Jason Les said the firm’s power strategy includes voluntary participation in ERCOT’s Four Coincident Peak (4CP) and demand response programs, boosting grid stability and improving Riot’s market competitiveness.

June marked the start of ERCOT’s 4CP program, which lets large power consumers like miners voluntarily curtail operations during peak demand to avoid high transmission fees. Riot also sold 397 BTC for $41.7 million, retaining 19,273 BTC.

Cipher and MARA reduce output, CleanSpark grows production

Cipher Mining produced 160 BTC in June, sold 58 BTC, and holds 1,063 BTC. The company cited its proactive 4CP avoidance strategy as the reason for reduced production, which helps it maintain some of the lowest power costs in the industry. Cipher’s Black Pearl facility in Texas started contributing in late June but overall monthly production was impacted.

MARA Holdings saw a 25% decline in production, mining 211 BTC in June versus 282 BTC in May. CEO Fred Thiel attributed the drop to weather-related curtailments and temporary use of older machines at its Garden City site while repairing storm damage. Despite the dip, MARA holds 49,940 BTC without selling any in June.

Meanwhile, CleanSpark increased its production by 6.7% in June, surpassing its mid-year hashrate target of 20 EH/s. It mined 445 BTC and sold only 8, bringing its total holdings to 6,591 BTC.