Bitcoin mining firms in the U.S. experienced a significant impact on production in June due to power curtailments and adverse weather conditions . Several mining companies reported lower realized hashrates as they were forced to scale back operations to avoid high power costs and potential grid issues .
Riot Platforms produced 450 Bitcoin in June, a 12% decline from the 514 BTC mined in May . Riot CEO Jason Les said the firm's power strategy includes “economic curtailment” and voluntary participation in the Electric Reliability Council of Texas's Four Coincident Peak (4CP) program . Riot also reported that it sold 397 BTC for $41.7 million and currently holds 19,273 Bitcoin .
Cipher Mining reported that it had produced 160 BTC in June, sold 58 BTC, and holds 1,063 Bitcoin . The company stated that its June production numbers were impacted by deliberate curtailment as part of their “4CP avoidance strategy” . Despite expanding its installed hashrate capacity to 16.8 EH/s in June, Cipher Mining saw a realized capacity of only 10.58 EH/s, representing just 62.95% utilization .
MARA Holdings also reported a 25% reduction in production for June, with 211 Bitcoin mined compared to 282 the previous month . MARA's CEO, Fred Thiel, attributed the decrease to reduced uptime from weather-related curtailment and the temporary deployment of older machines . The company is targeting 75 exahash by the end of 2025 .
The production slowdowns from curtailment come at a time when Bitcoin's network hashrate experienced a notable pullback in the latter half of June . After peaking near 950 EH/s earlier in the month, the network's seven-day average dipped to around 850 EH/s, drawing attention to possible causes ranging from U.S. summer heatwaves to geopolitical tensions .
Bitcoin mining firms face financial implications due to the reduced output, as lower revenues from mining rewards can strain the financial health of smaller or less efficient mining operations .