June 3, 2023

Cryptocurrency mining company Riot Blockchain reported that it produced less Bitcoin (BTC) in July 2022 than in July 2021, after ramping up operations at its Texas facility.

In an announcement on Wednesday, Riot he said its miners had produced 318 Bitcoins in July, more than 28% less than the 443 BTC the company reported producing in July 2021. According to Riot CEO Jason Les, the company reduced its operations by 11,717 megawatt hours in July in response to increasing demand on The Texas energy grid. Many parts of the Lone Star State experienced several days of temperatures above 100 degrees Fahrenheit, requiring additional power for air conditioners.

“As energy demand in [Electric Reliability Council of Texas, or ERCOT] hit all-time highs last month, the company voluntarily curtailed energy consumption to ensure more power is available in Texas,” said Les.

According to Les, while the miner produced 125 fewer Bitcoins than it did in July 2021 — worth about $2.9 million at press time — curtailing its operations and sending power back to the Texas network provided Riot with an additional 9, $5 million in credits and other benefits. Riot also reported selling 275 BTC in July, netting the company about $5.6 million. As of Sunday, the company held 6,696 self-mined Bitcoins.

Related: Texas Is A Bitcoin Hotspot Even As Heat Waves Affect Cryptocurrency Miners

Cointelegraph reported in July that other Texas-based crypto miners, including Core Scientific and Argo Blockchain, had scaled back their operations in anticipation that the state’s energy grid would be unable to meet demand, as it did during a severe winter. storm in February 2021. Riot announced in July that it planned to move crypto miners from New York to Whinstone’s facility in Texas in an effort to reduce the company’s operating expenses through lower energy costs and eliminate “all third-party hosting fees” .