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Bitcoin mining output fell in June due to power cuts and weather.
Many Bitcoin mining companies have reported a decrease in BTC production in June, primarily due to power cuts in Texas. Riot Platforms produced 450 Bitcoin, a 12% decrease from May, when the company mined 514 BTC. CEO Jason Les stated that the company’s power strategy includes “economic cutting down the whales” and voluntarily participating in the Four Coin Peak Program (4CP) of the Texas Reliability Council. This program aims to manage the highest electricity demand in the months of June, July, August, and September. Bitcoin mining companies are subject to transmission fees based on usage during peak periods, so they can voluntarily cut down operations. Riot also announced it sold 397 BTC for 41.7 million USD and is currently holding 19,273 Bitcoin.