Riot Blockchain, one of many world’s largest Bitcoin mining corporations, stated Aug. 3 that it mined 318 Bitcoin (BTC) in July, a lower of round 28.21% in comparison with the identical month in 2021 when it mined 443 BTC.
The mining agency attributed the lower in mining to the curtailment of some operations as a result of rising power demand in Texas final month owing to a warmth wave. In response to the Nationwide Climate Service’s Houston-Galveston, Texas noticed its hottest July on document final month, Houston Public Media reported.
However the curtailment additionally lowered the corporate’s energy price and helped Riot Blockchain acquire an estimated $9.5 million in energy credit, which will probably be credited in opposition to its power payments, the agency stated.
Riot CEO Jason Les stated:
“As power demand in ERCOT reached all-time highs this previous month, the Firm voluntarily curtailed its power consumption as a way to be sure that extra energy could be out there in Texas.”
Les added that Riot curtailed 11,717-megawatt hours in July, sufficient to energy 13,121 common properties for one month. He additionally stated that the discount in power price and the ability credit it gained considerably outweighed the discount in mined Bitcoin. In truth, Les expects that the ability credit will successfully remove the agency’s July power prices.
Riot Blockchain offered 275 Bitcoins final month, incomes internet proceeds of round $5.6 million, and held 6,696 BTC on the finish of July.
Riot stated the discount in Bitcoin mining was additionally partially affected by the relocation of its miners from Coinmint’s facility to its Whinstone Facility in Rockdale, Texas. The relocation resulted in round 12,146 miners being offline.