One of the leading cryptocurrency mining firms – Riot Blockchain – mined 421 BTC in June this year, a significant increase compared to the 243 BTC produced in June 2021. The company has also started moving its miners from New York to Texas to reduce some of its costs during the peak energy months in the US.
Riot Shows Good Performance Amid the Bear Market
Despite the collapse of the digital asset industry, the American bitcoin mining company – Riot Blockchain – managed to keep up with its production pace during June. During the month, the entity mined 421 BTC – a 73% increase from the 243 mined assets in June last year.
Last month, Riot sold 300 BTC for approximately $6.2 million and now holds 6,654 BTC, which, calculated by today’s prices, equals over $135 million. The company is one of the leaders in its field, having a total fleet of 42,455 miners and operating with a hash rate capacity of 4.4 exahash per second.
“Additionally, in June, we began our annual participation in ERCOT’s Four Coincident Peak (“4CP”) program, in which we curtail our energy consumption when called on by ERCOT during the four summer months of peak energy demand in Texas. As part of our participation in the 4CP program, in June, we curtailed our energy consumption for a total of 8,648 megawatt-hours,” the company radded.
Speaking of the increased electricity demand during the summer, it is worth noting that Riot Blockchain began the transition of all its miners located at Massena, New York, to Texas. It is still undergoing, and because of that, around 5,700 miners are currently offline.
The relocation to the Lone Star State is justified by the fact that energy costs are twice cheaper than in New York. The average electricity price in Texas is around 13 cents per kWh, while in the North-East region, it is nearly 25 cents/kWh.
Riot also revealed some changes in its executive team. William Jackman was promoted to serve as Executive Vice President, General Counsel, while Chad Harris will take the role of Chief Commercial Officer.
The Specifics of the Texas Facility
Riot Blockchain displayed its intentions to create a power station in Texas in April this year. The facility was expected to supply up to 1.7 gigawatts of energy. Interestingly, such a massive capacity could satisfy the electricity demand of over 2 million residents.
The powerhouse should be fully operational by the summer of 2023, and it will undergo some trials beforehand. Jason Les – CEO of Riot – said this achievement will aid the company’s ambitions to become one of the world’s largest bitcoin mining entities.
“Riot’s ability to source such a significant expansion opportunity in Texas exemplifies the company’s partnership-driven approach with all stakeholders, including the company’s business partners, ERCOT, and all levels of government, to commit to sustainable economic development,” he concluded.