Hashrate Index experts calculated that in July, public mining companies sold 5767.9 BTC, with a total production of 3478 BTC.

The sales volume was about 66% higher than the mining figure.

Only Hut 8 and Marathon Digital did not sell cryptocurrency. Earlier, they confirmed their commitment to the strategy of increasing their bitcoin reserves.

Of the rest, only Riot sold less mined, so the company also increased the amount of cryptocurrency on the balance sheet.

Many miners have liquidated a significant portion of their bitcoins since spring. In June alone, their total volume decreased by 14,600 BTC, or about 23%.

Researchers noted that many US miners experienced a drop in Bitcoin production in July for various reasons. Some closed installations, new generation miners started taking orders, some transferred operations between data centers.

In Texas, mining companies are shutting down operations due to peak power consumption caused by the heat wave. At the same time, the state-based Riot Blockchain generated more revenue from mining contracts with the main energy system operator in the state of ERCOT to return electricity to the network.

For 11,717 MWh that was not consumed in July, ERCOT paid the company $9.5 million, and the value of the 318 BTC mined was $6.9 million.

Core Scientific and Argo Blockchain have also suspended mining operations in Texas, but researchers don’t know if they have agreements with ERCOT to compensate for the network disconnection.

In this context, Argo increased its bitcoin mining by 22% in July. Experts emphasized that in general, the hash rate has increased slightly for most companies.

Recall that the total revenue of miners in July was $ 609.7 million, the indicator fell by 9% compared to the previous month, slowing the decline, which reached 26% in June.

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