Riot Blockchain Bitcoin production drops 28% YOY in July; offsets energy costs by curtailing some operations

Riot Blockchain, 1 of the world’s largest Bitcoin mining companies, said Aug. 3 that it mined 318 Bitcoin (BTC) successful July, a alteration of astir 28.21% compared to the aforesaid period successful 2021 erstwhile it mined 443 BTC.

The mining steadfast attributed the alteration successful mining to the curtailment of immoderate operations owed to the expanding vigor request successful Texas past period owing to a vigor wave. According to the National Weather Service’s Houston-Galveston, Texas saw its hottest July connected grounds past month, Houston Public Media reported.

But the curtailment besides reduced the company’s powerfulness outgo and helped Riot Blockchain summation an estimated $9.5 cardinal successful powerfulness credits, which volition beryllium credited against its vigor bills, the steadfast said.

Riot CEO Jason Les said:

“As vigor request successful ERCOT reached all-time highs this past month, the Company voluntarily curtailed its vigor depletion successful bid to guarantee that much powerfulness would beryllium disposable successful Texas.”

Les added that Riot curtailed 11,717-megawatt hours successful July, capable to powerfulness 13,121 mean homes for 1 month. He besides said that the simplification successful vigor outgo and the powerfulness credits it gained importantly outweighed the simplification successful mined Bitcoin. In fact, Les expects that the powerfulness credits volition efficaciously destruct the firm’s July vigor costs.

Riot Blockchain sold 275 Bitcoins past month, earning nett proceeds of astir $5.6 million, and held 6,696 BTC astatine the extremity of July.

Riot said the simplification successful Bitcoin mining was besides partially affected by the relocation of its miners from Coinmint’s installation to its Whinstone Facility successful Rockdale, Texas. The relocation resulted successful astir 12,146 miners being offline.

The station Riot Blockchain Bitcoin accumulation drops 28% YOY successful July; offsets vigor costs by curtailing immoderate operations appeared archetypal connected CryptoSlate.