One of the leading bitcoin mining companies – Riot Blockchain – mined 318 BTC in July – a 28% drop in output compared to June figures. The main reason for the crippled productivity was last month’s extremely hot weather in Texas.
This led the company to shut down some of its mining facilities in the region as an emergency step to prevent disruption to the power grid. As a result, Riot Blockchain earned about $9.5 million in credits.
The consequences of the heat wave
Last month’s extreme weather in Texas caused numerous problems for the state’s residents and businesses located there. Yes, experts is appreciated that it was Houston’s hottest July on record as temperatures hovered around 40 degrees.
A bunch of cryptocurrency mining companies shut down due to the heatwave. Had they not done so, problems in the state’s power grid could have been more significant and the population could have been left with an erratic power supply during the hot month.
One of those miners was Riot Blockchain. A recent update revealed that the move had pushed back the company’s production levels. In July, he mined 318 BTC, which at today’s prices is equivalent to almost $7.3 million. In comparison, the entity produced 421 BTC in June.
It’s worth noting, however, that last month Riot sold 275 BTC, generating a profit of around $5.6 million (at the time of the deal). In June he parted with 300 coins.
In addition, the company took about $9.5 million in credits last month due to the heat front and the shutdown at the Texas facility.
Not long ago, Riot started moving all of their miners located in Massena, New York to Texas. The move is justified by the fact that regulators and lawmakers in the “Lone Star State” have shown a cryptocurrency-friendly attitude in recent months. At the same time, electricity prices there are much cheaper than in other areas in the US.
The Texas City That Mines BTC
Speaking of the pro-crypto environment in the southern state, the city of Fort Worth is worth mentioning. Earlier this year, it announced its intentions to become the first US city to mine bitcoin.
The authorities’ plan is to use three Bitmain Antminer S9 mining rigs in the mission donated by the Texas Blockchain Council. Fort Worth Mayor Mattie Parker believes digital assets will play a key role in the future of finance.
He appreciated the contribution, assuring that the city will decide whether to invest real cash in the mining effort after an evaluation later in 2022.
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