Bitcoin Miners Cut Production To Avoid Texas Peak Power Costs

Several bitcoin mining companies reported reduced BTC production in June, mainly because of restrictions on Texas power.

Riot platforms produced 450 bitcoins (BTC) In the month of 12% drop since May, when the company mined 514 BTC, it established in the announcement on Thursday.

Riots Jason Leson, CEO, said that the company’s energy strategy includes “economic shortening” and voluntary participation in the Council for the Reliability of Electrical Reliability at four of the same Texas peaks (4CP) and other reaction programs.

“It significantly contributes to the stability of the grid and at the same time increases the competitive position of Riot,” he added.

June meant the beginning of the ERCOT 4CP program, a tariff that captures the market demand. It is designed to control the highest demand for electricity during June, July, August and September.

Large consumers of electricity, such as bitcoin miners, facial transmission fees based on their use during the peak period, so they can voluntarily reduce operations.

Riot also said he sold 397 BTC for $ 41.7 million and currently has 19 273 bitcoins.

The production of ciphers affected

Cipher mining reported This week, he produced 160 BTC in June, sold 58 BTC and holds 1,063 bitcoins.

The company said its June production numbers were influenced by intentional restrictions within the “proactive strategy of avoiding 4CP”.

“This approach has made it possible to avoid costly 4CP sanctions and maintain its position as some of the lowest energy costs in the field,” he said.

Related: Bitcoin production costs 9% to higher hash, energy prices

Cipher’s Black Pearl Facility in Texas He began to contribute to production at the end of June, but the total monthly production was reduced due to strategic shortening.

Mara mining by 25%

Mara Holdings also showed a 25% reduction in June production, while 211 Bitcoins were mined compared to the 282 previous month. As of June 30, the company organized a total of 49,940 BTCs and did not sell any within a month.

Mara Ceo Fred Thiel He said, “After the record May, production came in June below and won 211 blocks in a month.”

He blamed a decline in the “shortened weather restriction agreement” and the temporary deployment of older machines in his Garden City in Texas, the device, while the storm -related damage was repaired.

“The natural variability in block happiness – the expected dynamics in the operation of its own mining fund – also contributed,” he said.

Cleanspark explodes trend

Meanwhile Cleanspark increased Bitcoin production in June by 6.7%, which exceeded its half goal of Hasat 20 Exahahes per second (Eh/s).

The company produced 445 bitcoins and sold only 8, which increased its total shares to 6,591 bitcoins since the end of the month.

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