Riot Blockchain Mined 28% Less Bitcoin Is July Due To Massive Heat Waves

One of the leading bitcoin mining companies – Riot Blockchain – mined 318 BTC in July – a 28% production decrease compared to June’s figures. The main reason for the crippled productivity was last month’s extremely hot weather in Texas.

That led the company to shut down some of its mining rigs in the area as an emergency measure to prevent the power grid from going out. As a result, Riot Blockchain earned approximately $9.5 million in credits.

The consequences of the heat wave

Last month’s extreme weather conditions in Texas caused many problems for the residents of the state and the companies located there. In fact, experts estimated it was Houston’s hottest July on record as temperatures hovered around 40 degrees.

A bunch of cryptocurrency mining companies are shutting down operations due to the heat wave. Had they not done so, the problems with the state’s power grid could have been greater, and the population could have been left with an unstable power supply during the scorching 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, it mined 318 BTC, which at today’s prices equates to almost $7.3 million. In comparison, the unit produced 421 BTC in June.

However, it is worth noting that Riot last month sold 275 BTC, generating a profit of around $5.6 million (at the time of the deal). In June, 300 coins were parted.

In addition, the firm earned about $9.5 million in credits last month due to the heat front and halted operations at its Texas facilities.

Not long ago, Riot began moving all of its miners 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 crypto-friendly stance in recent months. At the same time, electricity prices there are much cheaper than in other regions of the USA.

Texas City That Mines BTC

Speaking of the pro-crypto community in the southern state, it is worth mentioning the city of Fort Worth. Earlier this year, it announced intentions to become the first US city to mine bitcoin.

The authorities’ plan is to employ three Bitmain Antminer S9 mining rigs in the mission donated by the Texas Blockchain Council. Fort Worth’s mayor – Mattie Parker – believes digital assets will play a key role in the future of finance.

She appreciated the contribution, and assured that the city will decide whether to invest real money in the mining work after an assessment that will take place later in 2022.