Riot Blockchain saw a 73% annual increase in BTC production in June

One of the leading cryptocurrency mining companies – Riot Blockchain – mined 421 BTC in June this year, a significant increase compared to 243 BTC produced in June 2021. The company has also started moving the miners from New York to Texas to reduce some of its costs. during the high energy months in the United States.

Riot shows good performance in the middle of the bear market

Despite the collapse of the digital asset industry, the US bitcoin mining company – Riot Blockchain – managed to keep pace with the pace of production during June. During the month, the unit recovered 421 BTC – an increase of 73% from the 243 recovered assets in June last year.

Last month, Riot sold 300 BTC for about $ 6.2 million and now has 6654 BTC, which, calculated at current prices, equates to over $ 135 million. The company is one of the leaders in its field, with a total fleet of 42,455 miners and operates with a hash speed capacity of 4.4 exahash per second.

In addition, in June we began our annual participation in ERCOT’s Four Coincident Peak (“4CP”) program, where we reduce our energy consumption as ERCOT called for during the four summer months of high energy demand in Texas. As part of our participation in the 4CP program, in June, we reduced our energy consumption by a total of 8,648 megawatts, the company said.

Speaking of the growing demand for electricity over the summer, it is worth noting that the Riot Blockchain began the transition to all the miners in Massena, New York, to Texas. It is still going on, and because of that, around 5,700 miners are currently offline.

The move to Lone Star State is justified by the fact that energy costs are twice cheaper than in New York. The average electricity price in Texas is around 13 cents per kWh, while in the North-East region it is almost 25 cents / kWh.

Riot also revealed some changes in its management team. William Jackman was promoted to Executive Vice President, General Counsel, while Chad Harris will take on the role of Chief Commercial Officer.

The specifications of the Texas facility

Riot Blockchain showed its intentions to create a power station in Texas in April this year. The plant was expected to deliver up to 1.7 gigawatts of energy. Interestingly, such a massive capacity can satisfy the electricity needs of over 2 million inhabitants.

The powerhouse will be fully operational in the summer of 2023, and it will undergo some trials in advance. Jason Les – CEO of Riot – said that this achievement will help the company’s ambitions to become one of the world’s largest bitcoin mining units.

“Rio’s ability to find 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.