Summer Curtailments Slash Bitcoin Production for US Miners Amid Grid Pressures

Key Points

1. U.S. Bitcoin mining operations faced curtailments due to high power costs and grid penalties, reducing production to 160 BTC with a realized capacity of 10.58 EH/s (62.95% of total capacity).

2. Realized hashrate dropped to 47.13 EH/s in June, down nearly 20% from May, attributed to a '4CP avoidance strategy' and operational slowdowns.

3. Marathon Digital's CEO cited natural variation in block production and remediation of weather-related damage as factors affecting mining output.

4. The Bitcoin network's seven-day average hashrate dipped from 950 EH/s to around 850 EH/s, with potential causes including U.S. summer heatwaves and geopolitical tensions.

5. The decline in mining activity coincided with a U.S. military strike on Iran, though the direct impact on Bitcoin production remains unclear.