Riot Blockchain, one of many world’s largest Bitcoin mining corporations, mentioned 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 vitality demand in Texas final month owing to a warmth wave. In accordance with the Nationwide Climate Service’s Houston-Galveston, Texas noticed its hottest July on document final month, Houston Public Media reported.
However the curtailment additionally diminished the corporate’s energy price and helped Riot Blockchain achieve an estimated $9.5 million in energy credit, which can be credited towards its vitality payments, the agency mentioned.
Riot CEO Jason Les mentioned:
“As vitality demand in ERCOT reached all-time highs this previous month, the Firm voluntarily curtailed its vitality consumption to be able to make sure that extra energy can be accessible 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 mentioned that the discount in vitality price and the ability credit it gained considerably outweighed the discount in mined Bitcoin. Actually, Les expects that the ability credit will successfully eradicate the agency’s July vitality prices.
Riot Blockchain offered 275 Bitcoins final month, incomes web proceeds of round $5.6 million, and held 6,696 BTC on the finish of July.
Riot mentioned 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.