Riot Blockchain July Highlights
As per the July 2022 report of Riot Blockchain, the mining company has mined 318 BTC in the past month, bringing the total number of Bitcoins held by the company to over 6,696 BTC. The number of Bitcoins mined in July has decreased by over 28% as compared to last year, when Riot Blockchain mined over 443 BTC.
However, the company has also earned $9.5 million in power credits, which significantly outweighed the reduction of BTC mined. This was due to the curtailment of operations by 11,717 megawatt-hours in July because of increased demand on Texas’ energy grid. The energy credits would be able to buy approximately 439 BTC as per the average July price of Bitcoin of $21,634.
Jason Les, CEO of Riot Blockchain explained:
As energy demand in the Electric Reliability Council of Texas or ERCOT reached all-time highs this past month, the company voluntarily curtailed its energy consumption in order to ensure that more power would be available in Texas.
Les also believes that while the company mined 125 BTC less than last year in July, accounting for about $2.9 million, the curtailing operations helped the company with adding $9.5 million in credits and other benefits.
The company also reported that in July it sold 275 BTC, which accounted for about $5.6 million, leaving the company with the current 6,696 BTC overall balance. While this release is an unaudited production and operations update for July 2022, this coming week on August 9th the company will report financial earnings for the second quarter of 2022 after the market close.
Currently, Riot has a mining fleet of 40,311 miners with a combined hash rate capacity of 4.2 exahash per second (EH/s). This number is expected to rise to more than 12.5 EH/s in Q1 of 2023 when the Whinstone Facility is expected to expand and ultimately grow to over 400 MW.
The relocation of miners from Coinmint’s facility to the Whinstone Facility is also one of the reasons why Riot mined less BTC. There are currently 12,146 miners offline and are not accounted for in the overall fleet figure.