Riot Blockchain started moving its miners to Texas in June 2022 after reporting a considerable rise in production compared to June of the previous year.
Riot Blockchain, one of the top cryptocurrency mining companies, mined 421 BTC in June this year, a significant rise over the 243 BTC generated in June 2021. To cut some of its expenditures during the US’s peak energy months, the business has recently begun relocating its miners from New York to Texas.
Riot Performs Well Despite the Bear Market
Riot Blockchain, an American bitcoin mining startup, maintained its production speed throughout June despite the collapse of the digital asset market. The firm mined 421 BTC throughout the month, up 73% over the 243 assets mined in June of last year.
Riot sold 300 BTC for roughly $6.2 million last month and now holds 6,654 BTC, which, at today’s values, is worth more than $135 million. With a total fleet of 42,455 miners and a 4.4 exahash per second hash rate capability, the firm is among the top in its industry.
“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.
Regarding the increasing demand for electricity during the summer, it is important to note that Riot Blockchain started moving all of its miners from Massena, New York, to Texas. About 5,700 miners are offline right now as a result of it being ongoing.
The decision to move to Texas is supported by the fact that energy prices there are two times lower than in New York. In Texas, the cost of electricity per kWh is approximately 13 cents, however in the North-East, it is almost 25 cents/kWh.
Riot also disclosed a few adjustments to its executive staff. Chad Harris will take on the responsibilities of Chief Commercial Officer in place of William Jackman, who has been promoted to the position of Executive Vice President, General Counsel.
The Texas Facility’s Specifications
In April of this year, Riot Blockchain announced its plans to build a power station in Texas. Up to 1.7 gigawatts of energy were supposed to be provided by the facility. It’s interesting to note that such a sizable capacity may meet the needs of more than 2 million people in terms of electricity.
The power plant will go through some testing before being fully operational in the summer of 2023. Riot’s CEO, Jason Les, said that this accomplishment will help Riot reach its goal of being one of the biggest bitcoin mining companies in the world.
“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.