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CryptoNewsBreaks – Riot Blockchain Inc. (NASDAQ: RIOT) Releases July 2022 Updates on Productions, Operations

Company: Riot Blockchain Inc. (RIOT)
Category: News

Riot Blockchain (NASDAQ: RIOT), an industry leader in Bitcoin mining and hosting, has released its July 2022 production and operations report. According to the report, during the month of July, Riot produced 318 BTC, a 28% decrease from the company’s July 2021 production of 443 BTC, and earned approximately $9.5 million in power credits as a result of curtailment activity; those power credits equate to approximately 439 BTC. The company also reported that it held some 6,696 BTC, all produced by Riot’s self-mining operations. In addition, the company sold 275 BTC, which generated approximately $5.6 million in net proceeds. The report also noted that Riot has a deployed fleet of 40,311 miners, with a hash rate capacity of 4.2 exahash per second (“EH/s”); that capacity has been impacted briefly by the relocation of a portion of the company’s mining fleet from a third-party hosting facility to its Whinstone facility, a move that the company anticipates will further reduce production costs. “We are pleased to report that Riot has demonstrated the effectiveness of its power strategy during the month of July,” said Riot Blockchain CEO Jason Les in the press release. “The company has consistently and proactively pursued low-cost, large-scale access to power under its long-term fixed rate power contracts, providing it with a unique ability to support ERCOT and release capacity back into the grid when power demand in Texas is high. . . . 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. Riot curtailed a total of 11,717 megawatt hours in July, enough to power 13,121 average homes for one month. Curtailing the Company’s power consumption reduced BTC production by an estimated 21% in July, but also significantly reduced Riot’s power costs for the month.”

To view the full press release, visit https://ccw.fm/DEhBv

About Riot Blockchain Inc.

Riot Blockchain’s vision is to be the world’s leading Bitcoin-driven infrastructure platform. The company’s mission is to positively impact the sectors, networks and communities that it touches. The company believes that through the combination of an innovative spirit and strong community partnership it can achieve best-in-class execution and create successful outcomes. Riot is a Bitcoin mining and digital infrastructure company focused on a vertically integrated strategy. Riot Blockchain has Bitcoin mining data center operations in central Texas, Bitcoin mining operations in central Texas, and electrical switchgear engineering and fabrication operations in Denver, Colorado. For more information about the company, visit www.RiotBlockchain.com.

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