Business
Riot Announces August 2022 Production and Operations Updates
Riot Produces 374 Bitcoin in August 2022 While Continuing to Support Grid Stability in Texas Through Successful Utilization of Proprietary Power Strategy
About this update from Riot Platforms, Inc.
[{"type":"text","content":"Riot Produces 374 Bitcoin in August 2022 While Continuing to Support Grid Stability in Texas Through Successful Utilization of Proprietary Power Strategy\nCastle Rock, CO, Sept. 06, 2022 (GLOBE NEWSWIRE) -- Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot” or “the Company”), an industry leader in Bitcoin (“BTC”) mining and data center hosting, announces unaudited production and operations updates for August 2022. Bitcoin Production and Operations Updates In August 2022, Riot produced 374 BTC, a decrease of approximately 15% as compared to August 2021 production of 441 BTC, while significantly reducing overall power costs through effective employment of its proprietary power strategy.Riot earned an estimated $3.0 million in power credits as a result of curtailment activity, to be credited against its power invoices; the $3.0 million in power credits equates to approximately 136 BTC, computed by using the August 2022 average daily closing BTC price of $22,097.As of August 31, 2022, Riot held approximately 6,720 BTC, all produced by the Company’s self-mining operations.In August 2022, Riot sold 350 BTC, generating net proceeds of approximately $7.7 million. Riot currently has a deployed fleet of 46,658 miners, with a hash rate capacity of 4.8 exahash per second (“EH/s”). “August was another successful month for Riot in which we continued to make significant progress on the expansion of our Rockdale facility, including the deployment of an additional 6,347 S19j Pros in our immersion-cooled buildings, and producing Bitcoin while further contributing to grid stability in Texas through the continued exercise of our proprietary power strategy,” said Jason Les, CEO of Riot. “The significant benefits received in August from this strategy enhance our already industry-leading position as a low-cost producer, and further strengthen our solid financial position, providing us with ample resources to fund our compelling growth opportunities as we drive Riot towards our vision of becoming the world’s leading Bitcoin-driven platform.” Mining Deployment and Shipment Update Since its last monthly update, Riot received an additional 9,326 new S19j Pros and deployed 6,347 S19j Pros in its immersion-cooled buildings, with an additional 6,336 miners staged for deployment. Additionally, shipments of 10,193 S19j Pros have been initiated out of Bitmain Technol...