Several major Bitcoin mining companies reported declines in production for June, largely due to power curtailment measures in Texas.
In an announcement on June 3, Riot Platforms mined 450 BTC last month, down 12% from May’s 514 BTC. According to CEO Jason Les, the company deliberately reduced operations as part of its participation in the Electric Reliability Council of Texas’s (ERCOT) Four Coincident Peak (4CP) program and other demand response initiatives. Les explained that Riot’s power strategy helps stabilize the Texas grid while strengthening the firm’s competitive position.
ERCOT’s 4CP program, which began in June, is designed to manage peak electricity demand across the summer months. Large consumers like Bitcoin miners can choose to scale back operations during these peak periods to avoid hefty transmission charges.
Alongside its production update, Riot revealed it sold 397 BTC in June for $41.7 million, leaving it with total Bitcoin holdings of 19,273.
Cipher Mining also saw its output drop due to similar power strategies. The firm produced 160 BTC in June and sold 58 BTC, holding 1,063 BTC by month’s end. Cipher stated its “proactive 4CP avoidance strategy” impacted production but helped the company maintain some of the lowest power costs in the industry. The company’s Black Pearl facility in Texas began contributing to output at the end of June, although overall production remained lower due to curtailment measures.
MARA Holdings reported an even sharper decline, with June production down 25% to 211 BTC from May’s 282 BTC. CEO Fred Thiel attributed this to weather-related power curtailments, temporary use of older machines at its Garden City site during storm damage repairs, and natural block luck variability. Despite lower production, MARA did not sell any Bitcoin in June and ended the month with 49,940 BTC in holdings.
Meanwhile, according to research by The MinerMag, the cost of mining a single Bitcoin has climbed to new highs, with median production expenses projected to exceed $70,000 in the second quarter of 2025. This marks a significant increase from $64,000 in Q1.
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