Riot Blockchain (NASDAQ:RIOT) produced 374 bitcoin (BTC-USD) in August 2022, down 15% Y/Y, while also significantly reducing its overall power costs.
The bitcoin miner earned an estimated $3M in power credits as a result of the reduced activity to be credited against its power invoices. The $3M in power credits equates to ~136 BTC, computed by using the August 2022 average daily closing BTC price of $22,097.
As of Aug. 31, 2022, Riot (RIOT) held ~6,720 bitcoin (BTC-USD), all produced by the company's self-mining operations.
In August, the company sold 350 BTC, generating net proceeds of ~$7.7M. Riot (RIOT) currently has a deployed fleet of 46,658 miners, with a hash rate capacity of 4.8 exahash per second. The company expects to have a total of 52,994 miners deployed with a hash rate capacity of ~5.4 EH/s after deployment of 6,336 miners currently staged.
By Q1 2023, the company anticipates total self-mining hash rate of 12.5 EH/, assuming full deployment of ~115,450 Antminer ASICs,...
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