Sure firms that mined extra bitcoin than opponents final month didn’t essentially beat out their counterparts on the “realized hash charge” entrance.
Some corporations working in Texas used demand response applications to generate extra income — a technique anticipated to proceed because the mining area grows extra aggressive.
Marathon Digital, Core Scientific and CleanSpark mined probably the most bitcoin in July, respectively, in response to knowledge from TheMinerMag. These firms additionally led all others in realized hash charge — a metric primarily based on manufacturing of bitcoin and bitcoin equal from proprietary hash charge.
However down the record, sure miners that mined much less bitcoin made up for it by curbing their mining operations.

Chart by TheMinerMag

Chart by TheMinerMag
Iris Power, for instance, mined 423 bitcoin (BTC) in July, in comparison with Cipher Mining’s 418 BTC. However the latter firm introduced in an equal of 28 BTC in energy gross sales throughout the month by curbing a few of its proprietary hash charge.
Cipher Mining mentioned in an Aug. 1 assertion that an necessary characteristic of its energy buy settlement in Odessa, Texas is the flexibility “to promote energy again to the grid.”
Miners have the choice to promote their grid-balancing rights to the Electrical Reliability Council of Texas (ERCOT) to stability the grid by decreasing their power consumption. The corporate started reporting these energy gross sales month-to-month as a bitcoin equal determine.
Riot Platforms mined even lower than Iris Power and Cipher Mining — producing 410 BTC in July, an 11% decline from the prior month. However Riot obtained $8.2 million in energy and demand response credit, equal to roughly 280 bitcoins primarily based on the common BTC value in July.
Temperatures in Texas have soared this summer season, creating “a few of the most difficult working months of the yr,” Riot CEO Jason Les mentioned in a press release.
The credit got here as Riot curtailed greater than 90% of its energy utilization on sure dates of peak demand as a means to assist ERCOT proceed providing energy to shoppers with out interruptions.
Learn extra: Bitcoin mining load flexibility can ‘considerably mitigate energy shortages’ in Texas
In line with Nishant Sharma, founding father of mining consulting agency BlocksBridge, the guardian firm of TheMinerMag, miners started reaping the advantages of curbing their mining operations again in 2020. This improvement adopted the entry of the primary large-scale mining operations into Texas, a state famend for its demand response applications.
“Nevertheless, the pattern has elevated now as mining has grow to be extra aggressive than ever earlier than,” Sharma advised Blockworks.
Final yr was robust for crypto miners as declining crypto costs damage corporations that took on debt to speed up development operations throughout the bull market. Information heart operator Compute North filed for chapter in September, whereas Core Scientific did the identical a number of months later.
Extra corporations within the area have begun promoting a portion of their bitcoin to cowl sure operational prices. Marathon Digital, for instance, which produced 1,176 BTC final month, opted to promote 750 bitcoins in July.
Miners are numerous applied sciences and operational methods to stay leaner and keep forward within the race, Sharma mentioned.
Hive Blockchain Applied sciences modified its title to Hive Digital Applied sciences as a part of a shift in focus to supporting the expansion of synthetic intelligence.
“As halving attracts nearer, miners will discover extra revolutionary methods to generate returns for his or her buyers,” Sharma mentioned. “We are going to see extra miners collaborating in power gross sales or totally different demand response applications.”