Riot Blockchain Mined 28% Less Bitcoin in July as Heat Wave Cut Power Supply – CoinDesk

Riot Blockchain Mined 28% Less Bitcoin in July as Heat Wave Cut Power Supply – CoinDesk

Spread the love

Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets

Riot Blockchain, one of the world’s largest bitcoin miners, said it produced 318 bitcoins in July, 28% fewer than in July of last year, as it shut some operations to accommodate the high energy demand during a heat wave in Texas.

The miner gained $9.5 million in power credits and other benefits from the curtailment.

“As energy demand in ERCOT (Electric Reliability Council of Texas) 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,” CEO Jason Les said in a statement.

Several bitcoin miners temporarily halted mining operations as energy demand soared in July due to heat waves that swept through the U.S., particularly in Texas. Riot curtailed 11,717 megawatt hours in July, enough to power 13,121 average homes for a month, Les said, adding that it lowered power costs for the company.

Riot said it also relocated miners that were hosted with Coinmint to Riot’s Whinstone Facility in Rockdale, Texas, which resulted in about 2,146 miners being offline.

Keeping up with its strategy to monetize some of the bitcoins it mines, Riot sold 275 bitcoins in July, generating $5.6 million. The miner now holds about 6,696 bitcoins.

Riot said its current hashrate, or mining power capacity, is 4.2 exahash per second (EH/s), and it expects total self-mining hashrate to climb to 12.5 EH/s by the first quarter of 2023. In comparison, Riot’s competitor, Marathon Digital, said it will reach a hashrate capacity of 23.3 EH/s in 2023.

Riot’s shares have fallen about 65% this year, underperforming bitcoin’s slump of about 50%. The stock was up 7% on Wednesday morning Eastern time.


Sign up for The Node, our daily newsletter bringing you the biggest crypto news and ideas.

By signing up, you will receive emails about CoinDesk product updates, events and marketing and you agree to our terms of services and privacy policy.

DISCLOSURE

Please note that our

privacy policy,

terms of use,

cookies, and

do not sell my personal information

has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a

strict set of editorial policies. CoinDesk is an independent operating subsidiary of

Digital Currency Group, which invests in

cryptocurrencies

and blockchain

startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of

stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets

Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets

Tags
,

Related News

block-beats-q2-estimates,-posts-$1.79b-in-bitcoin-transactions-–-coindesk
russian-accused-of-money-laundering-and-running-$4b-bitcoin-exchange-extradited-to-us-–-cnn
market-wrap:-bitcoin-falls-on-lower-volume-and-decreased-volatility-–-coindesk