After reducing operations at its Texas plant, the cryptocurrency mining company Riot Blockchain announced that it produced less Bitcoin (BTC) in Jul 2022 than it did in July 2021.
In a statement released on Wednesday, Riot blockchain claimed that its miners had generated 318 Bitcoins in July, a decrease of more than 28% from the 443 BTC the company claimed to have created in July 2021. Jason Les, the CEO of Riot, claims that the company reduced production by 11,717 megawatt-hours in July due to rising energy grid demand in Texas. There were numerous days when the temperature in many areas of the Lone Star State exceeded 100 degrees Fahrenheit, necessitating extra power for air conditioning units.
Riot Blockchain BTC Productivity Dropped By 28%:
Les claims that even though the company’s mining operations were scaled back and power was returned to Texas’ grid, Riot blockchain received a supplementary $9.5 million throughout credits and perks despite producing 125 fewer Bitcoin than it did in July 2021, which were worth about $2.9 million and counting of publication. Riot also disclosed that it made about $5.6 million on the sale of 275 BTC in July. The business had 6,696 self-mined Bitcoin as of Sunday.
According to a July Cointelegraph report, Core Scientific and Argo Blockchain, two additional Texas-based cryptocurrency miners, have scaled back their operations. They expected that the state’s electrical grid wouldn’t be able to keep up with demand, as it did during a harsh winter storm in February 2021. To minimize the company’s operational costs through cheaper power prices and eliminating “all third-party hosting fees,” Riot stated in July that it planned to relocate crypto miners from New York to its Whinstone plant in Texas.