Riot Blockchain Saw a 73% YoY Increase of BTC Production in June

Riot Blockchain, one of the most prominent cryptocurrency mining companies, mined 421 BTC this June. This is a significant increase from the 243 BTC produced June 2021. To reduce its energy costs in peak months, the company moved its miners from New York City to Texas.

Riot Performs Well in the Bear Market

Riot Blockchain, an American bitcoin mining company, managed to maintain its production pace despite the collapse in the digital asset market. The entity produced 421 BTC during the month, a 73% increase over the 243 assets mined in June 2017.

Riot bought 300 bitcoins for $6.2 million last month. Riot now has 6,654 BTC which, based on today’s prices equals more than $135 million. Riot is a leader in its field with 42,455 miners total and an operating hash rate of 4.4 exahash/second.

“Additionally in June, we started our annual participation to ERCOT’s Four Coincidental Peak (“4CP”) program. This allows us to reduce our energy consumption when ERCOT calls during peak summer energy demand in Texas. We reduced our energy consumption by 8,648 megawatts as part of the 4CP program in June,” the company reported.

Riot Blockchain started the Texas transfer of all its miner located in Massena, New York. This was due to the higher electricity demand. It is still in progress, and around 5,700 miners currently are offline.

New York’s energy costs are twice as low in Texas than they are in New York, which is why the Lone Star State has been chosen to be the next state. In Texas, the average electricity price is about 13 cents per Kilowatt, while it is almost 25 cents in the North East region.

Riot has also made some changes to its executive team. William Jackman was promoted as Executive Vice President, General Counsel. Chad Harris will assume the role of Chief Commercial Officer.

Details about the Texas Facility

Riot Blockchain announced its intention to build a Texas power station in April 2018. It was anticipated that the facility would produce up to 1.7 gigawatts. This huge capacity is expected to meet the electricity needs of more than 2 million people.

It should be fully operational by summer 2023. However, it will go through some testing before that. Jason Les, CEO of Riot, stated that this achievement will help the company achieve its ambitions to be one of the largest bitcoin mining companies in the world.

He concluded that Riot’s ability in Texas to find such a substantial expansion opportunity exemplifies the company’s partnership-driven approach to all stakeholders, which includes the company’s business partners and ERCOT. This also demonstrates the commitment of all levels to sustainable economic growth.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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