Bitcoin (BTC) production was lower at Riot Blockchain’s Texas plant in July 2022 compared to July 2021, according to the business.
There were only 318 mined Bitcoins in July, compared to 443 mined Bitcoins in July 2021. This information comes from a release that Riot sent out on Wednesday. Riot switched off more than 11,000 megawatt hours of energy in July, CEO Jason Les said. Many locations in Texas hit 100 degrees for several days, requiring more cooling.
ERCOT Decreased Its Energy Use
ERCOT, the Electric Reliability Council of Texas, has voluntarily reduced its energy usage to ensure that more power is available for Texas’s residents. This is due to the fact that demand has hit an all-time high during the course of the past month.
In July 2022, Riot Blockchain, Inc. expects to generate $9.5 million in estimated power credits. While simultaneously producing 318 Bitcoin and making a contribution to the reliability of the electrical system in Texas.
By shutting down operations and returning power to the Texas grid, Riot gained an additional $9.5M worth of credits and other perks, according to Les. In July of 2021, the mining corporation only produced 125 bitcoins fewer than that total. At the time of writing, this had a value of approximately $2.9 million. In July, Riot reported selling 275 BTC, which netted the company approximately $5.6 million. It had 6,696 of its Bitcoins as of Sunday.
Core Scientific and Argo Blockchain, two Texas-based crypto miners, have restricted operations for a winter storm. Riot will move crypto miners from New York to Texas to minimise costs and eliminate “third-party hosting fees.”