In July, public miners continued the elimination of bitcoin reservations

In July, public miners continued the elimination of bitcoin reservations

In July, public mining companies sold 5767.9 BTC with a total extraction of 3478 BTC, Hashrate Index experts calculated.

The volume of sale by about 66% exceeded the mining indicator.

Only Hut 8 and Marathon Digital did not sell cryptocurrency. Previously, they confirmed the commitment of a strategy for building bitcoin reserves.

Of the others, only Riot realized less than the extracted, so the company also increased the number of cryptocurrency on the balance sheet.

Many miners since spring eliminated a significant part of the bitcoins owned by them. For June, their total volume decreased by 14,600 BTC or approximately 23%.

Researchers noted that in July many American miners, the production of bitcoin fell for various reasons. Some turned off the installations, starting to receive the ordered miners of the new generation, others tolerated operations between the date centers.

In Texas, mining companies suspended activities against the backdrop of a strong heat of peak consumption of electricity. At the same time, the Riot Blockchain, based in the state, received under contracts with the main operator of the Energian system in ERCOT to return the electricity to the network more income than as a result of mining.

For the unbearable in July, 11 717 MW · h Ercot paid $ 9.5 million to the company, and the cost of 318 BTCs obtained was $ 6.9 million.

Core Scientific and Argo Blockchain also suspended mining operations in Texas, but the researchers do not have data whether they have agreements with ERCOT for compensation when disconnecting from the network.

Against this background, Argo in July increased bitcoin production by 22%. In general, in most companies, the hashReit grew in a month, although slightly, experts emphasized.

Recall that in July the total income of miners amounted to $ 609.7 million. The indicator decreased by 9% compared to the previous month, slowed down, which reached 26% in June.

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