Castle Rock, CO, Aug. 03, 2022 (GLOBE NEWSWIRE) -- Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot,” “Riot Blockchain” or “the Company”), an industry leader in Bitcoin (“BTC”) mining and hosting, announces unaudited production and operations updates for July 2022.
Bitcoin Production and Operations Updates
In July 2022, Riot produced 318 BTC, a decrease of approximately 28% as compared to July 2021 production of 443 BTC, while significantly reducing overall power costs through effective employment of its proprietary power strategy.
Riot earned an estimated $9.5 million in power credits as a result of curtailment activity, to be credited against its power invoices; the $9.5 million in power credits equates to approximately 439 BTC, computed by using the July 2022 average BTC price of $21,634.
As of July 31, 2022, Riot held approximately 6,696 BTC, all produced by the Company’s self-mining operations.
In July 2022, Riot sold 275 BTC, generating net proceeds of approximately $5.6 million.
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