Colorado-based bitcoin mining company Riot Blockchain, Inc. announced that its bitcoin production and mining operations produced 318 BTC in July, a decrease of about 28% from 443 BTC in July last year.
Riot said productivity fell as it closed some operations to accommodate high energy demand during the Texas heatwave. Still, from the electricity cost side, it earned the company $9.5 million in power credits and other benefits.
Riot’s official document reads, “As energy demand in ERCOT reached all-time highs this past month, the Company voluntarily curtailed its energy consumption in order to ensure that more power would be available in Texas. By providing power back into the ERCOT grid during periods of peak demand, the Company estimates that power credits and other benefits from curtailment activities totaled an estimated $9.5 million, significantly outweighing the reduction in BTC mined.”
At an average BTC price of $21,634, a $9.5 million power credit is equivalent to roughly 439 BTC.
As of July 31, the crypto mining company said it holds about 6,696 Bitcoins, all of which were mined and produced by the company itself.
Riot further mentioned that it sold 275 bitcoins in the last month for a net gain of about $5.6 million.
The company also revealed that it has currently deployed approximately 40,311 miners with a hash rate capacity of 4.2 exahash per second (“EH/s”).
In addition, Riot revealed that last month, the company took delivery of an additional 9,316 new S19j pros and deployed approximately 4,320 S19j pros in its immersion cooling buildings. The company said it expects to receive an additional 7,200 mining machines for deployment at the factories it operates.
The company ordered 9,316 S19j pros from Bitmain, which are expected to be received this month. Following the expected miner deployment, Riot revealed that 47,511 miners are expected to be deployed with a hash rate capacity of around 4.9 EH/s.
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