Riot Blockchain reduces bitcoin production in August, reducing power costs

Sep. 06, 2022 5:00 PM ETRiot Blockchain, Inc. (RIOT), BTC-USDBy: Liz Kiesche, SA News Editor9 Comments

Bitcoin ASIC miners in warehouse. ASIC mining equipment on stand racks for mining cryptocurrency in steel container. Blockchain techology application specific integrated circuit units storage

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Riot Blockchain (NASDAQ:RIOT) produced 374 bitcoin (BTC-USD) in August 2022, down 15% Y/Y, while also significantly reducing its overall power costs.

The bitcoin miner earned an estimated $3M in power credits as a result of the reduced activity to be credited against its power invoices. The $3M in power credits equates to ~136 BTC, computed by using the August 2022 average daily closing BTC price of $22,097.

As of Aug. 31, 2022, Riot (RIOT) held ~6,720 bitcoin (BTC-USD), all produced by the company's self-mining operations.

In August, the company sold 350 BTC, generating net proceeds of ~$7.7M. Riot (RIOT) currently has a deployed fleet of 46,658 miners, with a hash rate capacity of 4.8 exahash per second. The company expects to have a total of 52,994 miners deployed with a hash rate capacity of ~5.4 EH/s after deployment of 6,336 miners currently staged.

By Q1 2023, the company anticipates total self-mining hash rate of 12.5 EH/, assuming full deployment of ~115,450 Antminer ASICs, but excluding any potential incremental productivity gains from the company’s utilization of 200 MW of immersion-cooling infrastructure.

"August was another successful month for Riot in which we continued to make significant progress on the expansion of our Rockdale facility, including the deployment of an additional 6,347 S19j Pros in our immersion-cooled buildings, and producing bitcoin (BTC-USD) while further contributing to grid stability in Texas through the continued exercise of our proprietary power strategy," said CEO Jason Les.

In July, Riot (RIOT) also produced fewer bitcoin (BTC-USD) and reduced power costs.

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