In June 2025. several major U.S. Bitcoin mining companies saw a significant drop in production. This decline was largely driven by voluntary power curtailment under Texas’s Four Coincident Peak (4CP) tariff program and adverse weather conditions, including storm damage and extreme heat.
Strategic Curtailment Amid Peak Energy Costs
Riot Platforms, the largest Bitcoin miner in North America, produced 450 BTC in June—a 12% decrease from its May output of 514 BTC. CEO Jason Les emphasized that Riot voluntarily scaled back operations to avoid costly transmission fees and to support grid stability through ERCOT’s 4CP program.
Cipher Mining saw similar outcomes, producing only 160 BTC. The company attributed its reduction to a “proactive 4CP avoidance strategy” implemented before its Texas-based Black Pearl facility launched late in the month.
Weather Woes Hit MARA
MARA Holdings experienced the sharpest decline—a 25% drop to 211 BTC from the previous month’s 282 BTC. CEO Fred Thiel pointed to weather-related curtailments, storm damage repairs at their Garden City site, and the use of older machines during the cleanup. He also noted that variability in “block luck” further influenced the decline.
CleanSpark Bucks the Trend
Not all miners scaled back. CleanSpark achieved a 6.7% increase in production, mining 445 BTC in June and exceeding its midyear hashrate target of 20 exahashes per second (EH/s). The firm sold only 8 BTC, ending the month with 6.591 BTC in reserves.
Network-Wide Hashrate Effects
Analysts at JPMorgan reported a 3% drop in average network hashrate during June, attributing the decline to seasonal weather impacts in the U.S. The coinciding summer heatwave led to power-related curtailments among U.S. miners, who operate more than 80 EH/s in Texas alone.
Analysis: Balancing Cost and Output
While cutting production reduced miners’ short-term revenues, it helped them sidestep steep transmission charges tied to peak demand. Operators like Riot and Cipher are refining their curtailment strategies to optimize cost savings during the high-demand summer months. The varied outcomes—ranging from significant output reductions by Riot and MARA to gains by CleanSpark—highlight that grid conditions, weather, and strategic choices are increasingly shaping miner performance.
Conclusion
June’s drop in Bitcoin production underscores the growing influence of external factors—namely energy tariffs and weather—on mining profitability. As the summer peak season continues, miners are likely to fine-tune their operations to strike the right balance between minimizing energy costs and maximizing output. The divergence in performance across firms also reflects differences in power-market strategies, infrastructure resilience, and operational flexibility.
