In June, several Bitcoin mining companies reported a decrease in output compared to May, likely due to a drop in the network’s hashrate. A heatwave affected mining operations, particularly in Texas and China, leading to reduced machine efficiency and temporary halts in production. Additionally, the ongoing conflict in Iran contributed to this decline. Despite these challenges, the network hashrate is showing signs of recovery. Data indicates that mining companies faced a 34% increase in costs, with Cango mining 450 BTC in June, down from 484.5 BTC in May, a 7% drop. MARA reported a 25% reduction, mining 713 BTC compared to 950 BTC the previous month. Cipher Mining's output fell to 160 BTC. However, the sector is witnessing positive trends, with new entrants like South Africa’s Eskom exploring Bitcoin mining and NIP Group entering the market. UK-based TWL Miner also secured $95 million in funding, highlighting the industry's resilience through strategic investments and risk management. Read more AI-generated news on: https://app.chaingpt.org/news

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