Crypto mining firm Riot Blockchain said that it produced fewer Bitcoin (BTC) in July 2022 than in July 2021 after it scaled down operations at its Texas facility.
Riot CEO Jason Les said:
“The company voluntarily curtailed its energy consumption in order to ensure that more power would be available in Texas.”
In an August 3 announcement, Riot stated that its miners had produced 318 Bitcoin in July 2022, around 28% less than the 443 BTC the company reported generating in July 2021. Based on the statement by Riot CEO Jason Les, the company curtailed its operations by 11,717 megawatt-hours in July responding to growing demand on Texas’ energy grid.
Most parts of the Lone Star experienced many days with temperatures exceeding 100 degrees Fahrenheit, needing extra power for air conditioners. Les said:
“As energy demand in [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.”
Riot Blockchain, Inc. Produces 318 #Bitcoin in July 2022 While Contributing to Power Grid Stability in Texas and Further Strengthening Financial Position, Generating Estimated Power Credits of $9.5 Million. https://t.co/d7nkyOuOKH$RIOT #Riotblockchain #Bitcoinmining
— Riot Platforms, Inc. (@RiotPlatforms) August 3, 2022
Based on the statement by Les, while the mining company produced 125 less bitcoin than that in July 2021 – worth around $2.9 million at the time of publication – curtailing its operations and sending power back into Texas’ grid offered Riot an extra $9.5 million in credits and many other benefits.
Buy Bitcoin NowRiot Blockchain Sold Some Of Its BTC
Riot also said that it had sold 275 BTC in July, netting the company nearly $5.6 million. As of July 31, the firm held 6,696 self-mined Bitcoin.
Reports emerged in July that other Texas-based crypto miners, including Argo Blockchain and Core Scientific, had minimized their operations in expectation of the state’s energy grid failing to meet demand, as was the case in a severe winter storm in February 2021.
Riot said in July that it planned to move crypto miners from New York to its Whinstone facility in Texas aiming to reduce the company’s operating expenses via lower power costs and get rid of “all third-party hosting fees.”
