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

Key Points

1. Bitcoin miners like Riot Platforms, Cipher Mining, and Marathon Digital scaled back production in June due to power curtailments and strategic planning.

2. CleanSpark increased its Bitcoin production by 6.7% in June, mining 445 BTC and surpassing 20 EH/s in operational hashrate.

3. Riot Platforms sold 397 BTC for $41.7 million and held 19,273 BTC by the end of June, citing economic curtailment and participation in ERCOT’s 4CP program as key strategies.

4. Cipher Mining mined 160 BTC, sold 58, and held 1,063 BTC in reserves, attributing the decline to proactive 4CP avoidance and low power costs.

5. Marathon Digital recorded a 25% drop in output, mining 211 BTC compared to 282 in May, citing block luck dynamics as a factor.