Riot Blockchain (NASDAQ:RIOT) produced 318 BTC in July 2022 (-28% Y/Y) while significantly reducing overall power costs through effective employment of its proprietary power strategy.
On a M/M basis, the company reported a 24.5% drop in produced bitcoins.
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.
Riot earned an estimated $9.5M in power credits as a result of curtailment activity, to be credited against its power invoices; $9.5M in power credits equates to ~439 BTC, computed by using the July 2022 average BTC price of $21,634.
As of July 31, 2022, Riot held ~6,696 BTC; in July 2022, Riot sold 275 BTC, generating net proceeds of ~$5.6M.
Currently, Riot has a deployed fleet of 40,311 miners, with a hash rate capacity of 4.2 EH/s.
Since its last month update, the company received an additional 9,316 new S19j Pros and deployed 4,320 S19j Pros in its immersion-cooled buildings, with...
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