Business
Riot Announces July 2023 Production and Operations Updates
Riot Produces 410 Bitcoin While Expanding Execution of Power Strategy CASTLE ROCK, Colo., Aug. 03, 2023 (GLOBE NEWSWIRE) -- Riot Platforms, Inc. (NASDAQ:
About this update from Riot Platforms, Inc.
[{"type":"text","content":"Riot Produces 410 Bitcoin While Expanding Execution of Power Strategy\nCASTLE ROCK, Colo., Aug. 03, 2023 (GLOBE NEWSWIRE) -- Riot Platforms, 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 July 2023. Bitcoin Production and Operations Updates for July 2023 Comparison (%)MetricJuly 2023June 2023July 2022 Month/MonthYear/YearBitcoin Produced410460318 -11%29%Average Bitcoin Produced per Day13.215.310.2 -14%29%Bitcoin Held17,2757,2656,696 0%9%Bitcoin Sold400400275 0%45%Bitcoin Sales - Net Proceeds$12.1 million$10.6 million$5.6 million 15%117%Average Net Price per Bitcoin Sold$30,293$26,456$20,262 15%50%Deployed Hash Rate110.7 EH/s210.7 EH/s24.2 EH/s 0%157%Deployed Miners195,904295,904240,311 0%138%Power Credits3,5$6.4 million6$8.4 million$9.4 million -24%-32%Demand Response Credits4,5$1.8 million6$1.7 million$0.4 million 5%376% As of end of month.Exahash per second (“EH/s”). Excludes 17,040 miners that are offline as a result of damage to Building G from the severe winter weather in late December 2022 in Texas.Power curtailment credits received from the Company’s ability, under its long-term power contracts, to sell power back to the ERCOT grid at market-driven spot prices.Credits received from participation in ERCOT demand response programs. The Company discloses this figure in its monthly updates if it exceeds $1 million for the current month.Power Credits and Demand Response Credits for July 2023 are estimates. “Riot had another strong month in July amidst some of the most challenging operating months of the year, as temperatures in Texas have soared,” said Jason Les, CEO of Riot. “Riot’s self-mining operations mined 410 Bitcoin in the month of July, while our power strategy generated $6.4 million in power credits and $1.8 million in demand response credits. Our team was able to navigate rapidly changing power market and Bitcoin mining conditions in order to maximize value on a real time basis through our power strategy. “I’m also excited to announce that the replacement dry coolers for repairing Building G have begun shipping, with units beginning to arrive in August. The replacement dry coolers are the final piece to the repairs in Building G and as they are received and installed, miners will begin ramp...