- Riot Platforms mined 450 BTC (-12% from May), sold 397 coins, and holds 19,273 Bitcoin after Texas power curtailment.
- Cipher Mining produced 160 BTC due to deliberate power reduction for cost control, sold 58, and holds 1,063 Bitcoin.
Major Bitcoin mining firms reported lower Bitcoin production during June 2024. Power curtailment in Texas served as the primary cause. Miners voluntarily reduced operations to avoid high electricity costs during peak demand periods.
Riot Platforms mined 450 Bitcoin, a 12% decrease from May’s 514 Bitcoin. CEO Jason Les explained this resulted from “economic curtailment” participation. The company engaged in Texas grid programs including ERCOT’s Four Coincident Peak (4CP).
This program imposes transmission charges based on usage during June-September peak hours. Riot sold 397 Bitcoin for $41.7 million and retains 19,273 Bitcoin.
Cipher Mining produced 160 Bitcoin, selling 58 while holding 1,063. The company confirmed reduced output stemmed from deliberate power reduction. This formed part of their “proactive 4CP avoidance strategy.” Cipher stated this approach prevents costly penalties and maintains low operational expenses.
Marathon Digital (MARA) mined 211 Bitcoin, down 25% from May’s 282. CEO Fred Thiel cited weather-related curtailment and equipment redeployment. Older machines operated temporarily at its Garden City, Texas facility during storm repairs. MARA sold no Bitcoin in June and holds 49,940 Bitcoin total.
CleanSpark reported contrasting results. Its production rose 6.7% to 445 Bitcoin. The company exceeded its mid-year hashrate target of 20 EH/s. CleanSpark sold only 8 Bitcoin, accumulating 6,591 Bitcoin in reserves.
Texas miners prioritize cost management during summer months. The ERCOT 4CP program incentivizes reduced consumption when grid demand peaks. Lower June output reflects strategic operational adjustments rather than systemic issues.
Bitcoin (BTC) is trading at $107,999.89 USDT, reflecting a daily decline of −1.45%, with a weekly gain of +0.91% and a monthly increase of +2.42%. Over the past six months, BTC is up +9.88%, and its year-to-date return sits at +15.33%. On the longer horizon, Bitcoin has gained +79.25% in the last 12 months, confirming its continued dominance as the leading digital asset in global markets.
From a technical standpoint, Bitcoin is currently consolidating just below the major resistance zone of $109,000–$110,000, after multiple failed breakout attempts above this range.
Price action shows BTC respecting support around $106,800–$105,820, where several recent wicks have rejected further downside, forming a potential local accumulation zone.
The market structure is showing signs of fatigue after a steep impulsive rally from the $97,000 level earlier this quarter, and RSI divergence is developing on higher timeframes.
ETHNews analysts are watching this range closely as a potential inflection point: a confirmed breakout could trigger a move toward $115,000–$120,000, while a breakdown risks testing the CME gap near $103,000.
On the news front, multiple key narratives are influencing sentiment. Futures volume has dropped 20% in June, hinting at the beginning of a slower “crypto summer” phase.
However, long-term holders remain unshaken, as evidenced by recent on-chain movements of dormant wallets—two of which, inactive for over 14 years, recently moved over $2 billion in BTC. Furthermore, market watchers are tracking rising ETF inflows, continued whale accumulation, and macroeconomics such as U.S. fiscal policy and interest rate guidance.
Notably, ETHNews analysts are linking Bitcoin’s future performance to U.S. political developments, such as Donald Trump’s “Big Beautiful Bill,” which aims to deregulate crypto and position BTC as a strategic reserve asset.
