Riot Blockchain, Inc., a Colorado-based bitcoin mining company, announced that it produced 318 BTC in July, down 28% from the 443 BTC produced in July 2013.
Riot reported that productivity dropped as it shut down operations in order to meet the Texas heatwave’s high energy demand. It still earned $9.5 million in power credits, and other benefits, despite the high electricity costs.
Riot’s official document states that “As ERCOT energy demand reached unprecedented levels this month, the Company voluntary reduced its energy consumption to make sure Texas has more power.” According to the Company, power credits and other benefits resulting in curtailment activities amounted approximately $9.5million. This significantly exceeds the reduction in BTC mining.
A $9.5 million power credit equals roughly 439 BTC at an average BTC price $21,634.
According to crypto mining company, it had 6,696 bitcoins as of July 31. All of these were mined and manufactured by the company.
Riot also stated that it had sold 275 bitcoins over the past month, resulting in a net gain approximately $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”).
Riot also revealed that Riot took delivery of 9,316 more S19j pros last month and placed approximately 4,320 S19j pro in its immersion cooling rooms. Riot stated that it plans to receive 7,200 more mining machines for deployment in its factories.
The company purchased 9,316 S19j pros BitmainThey are expected to be delivered this month. Riot has announced that 47.511 miners will be deployed in the future with a capacity of 4.9 EH/s.