American Bitcoin mining firm Riot Blockchain earned an estimated US$9.5 million in power credits in July as it reduced energy consumption and mined fewer Bitcoins.
See related article: Bitcoin miners in Texas halt operations amid heat wave
Fast facts
Riot produced 318 Bitcoins in July this year, about 28% less than July last year, thereby significantly reducing overall power costs, the company said in a statement.
The US$9.5 million that Riot earned in power credits equates to about 439 Bitcoins, calculated based on the cryptocurrency’s July average price of US$21,634, Riot said.
Last month, Riot sold 275 Bitcoins and generated net proceeds of approximately US$5.6 million.
As of July 31, Riot held about 6,696 Bitcoins, all produced by self-mining operations, the company said.
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