Several Bitcoin mining companies reported a decline in output in June compared to the previous month. The reason could be attributed to a decrease in the network’s overall hashrate.
Nevertheless, the Bitcoin mining market is witnessing several positive developments with the entry of new companies.
Bitcoin Mining Output Declined in June
As previously shared by BeInCrypto, June 2025 marked a turning point with an 8-month low drop in Bitcoin’s network hashrate.
A heatwave impacted the operations of mining farms. High temperatures reduced machine efficiency, forcing many miners to pause or scale down operations, particularly in regions like Texas and China. Additionally, the war in Iran appears to have also contributed to the decline in operations.
However, this is not entirely indicative of a broader downturn. At the time of writing, the network hashrate has shown signs of recovery.
That said, the decline in hashrate seems to have impacted the performance of Bitcoin mining companies in June. According to published data, several companies in the industry experienced a slight reduction in output when costs surged 34%.
In its report, Cango stated it mined 450 BTC in June, down from 484.5 BTC in May, representing a 7% decrease. Similarly, MARA reported mining 713 BTC compared to 950 BTC in May, a 25% reduction. Cipher Mining mined just 160 BTC in June.
“The decrease was primarily due to reduced uptime from weather-related curtailment and the temporary deployment of older machines in Garden City while storm-related damage was being remediated.” MARA shared the report.
Despite the decline in mining output in June, the sector has also seen positive signals with an influx of new companies joining the space.
Specifically, South Africa’s state-owned power company, Eskom, is considering using excess electricity to mine Bitcoin. Meanwhile, NIP Group, a US-listed company, has entered the Bitcoin mining field. Additionally, UK-based TWL Miner completed a $95 million Series B funding round.
This demonstrates the industry’s resilience, driven by risk management strategies and investments in advanced cooling technologies.
The post Bitcoin Mining Output Drops in June — Here’s What Caused It appeared first on BeInCrypto.
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Linh Bùi
https://beincrypto.com/bitcoin-mining-slows-in-june/
2025-07-03 08:41:36
