Riot Blockchain Mining Update
Riot, the Bitcoin blockchain mining company, has described its latest results report as ‘significant’, with 362 BTC mined in one month.
The Riot blockchain mining operation released unaudited results for September last month, confirming the Bitcoin mined and underlining its commitment to the stability of the electric grid.
CEO Jason Les said that in addition to the BTC mined, the company had received $11 million in power credits in September for reducing its energy use through strategic mining curtailment.
Riot blockchain mining explained
Riot says it supports the Bitcoin blockchain with large-scale mining in the US. Its focus is on expansion and increasing the infrastructure capacity and hash rate. Its US operations will, Riot claims, benefit the future of BTC mining.
Riot blockchain mining operates from central Texas, while its fabrication operations and electrical switchgear engineering are based in Colorado. It claims that its facility in Rockdale is the largest BTC mining and hosting base in the US, measuring 700 MW in developed capacity.
The September update put its deployed hash rate at 10.9 EH/s, up from 10.7EH/s the previous month.
## Riot blockchain mining update
A statement issued from Colorado in October from the NASDAQ-listed Riot blockchain mining operation gave an update on its figures for September.
While recording an increased deployed hash rate, the statement explained that the figure excluded more than 14,000 miners who had been offline in September due to damage caused to a building on its Texas facility by bad weather.
It also highlighted the value of participation in the demand response programmes of the Electric Reliability Council of Texas (ERCOT), which allowed it to sell back pre-purchased power and receive power credits. Strategically curtailing specific mining operations allowed it to reduce power use below the pre-purchased level.
CEO Les said September was ‘another significant month’ for the Rio blockchain mining operation. The company not only showed the value of BTC mining, but also contributed to ERCOT electrical grid stability, he added.
Confirming that mining operations during the month produced 362 BTC, Les announced Riot received $11 million in power credits, thanks to long-term agreements with its utility provider, plus $2.5 million in Demand Response Credits from being part of the ERCOT ancillary services programme.
Based on the September Bitcoin price, the CEO said, these credits totalled around 511 BTC. Its power use strategy also ensured capacity on the electrical grid was available when most needed so other customers were not left without during increased power demand periods.
The update reveals that an average of 12.1 BTC was produced each day in September. The 362 Bitcoin mined in the month brought the total holding to 7,327. It was also noted that 340 BTC had been sold in September. This earned net proceeds of $9 million based on an average BTC value of $26,379.
While noting a number of miners were offline due to damage to a building in Texas, the report confirmed there were 98,694 miners in September, up from 95,904 the previous month.
Heatwave in Texas
A working example of the Riot power use strategy came during September. Extreme heat led to a spike in electricity prices and demand.
As part of its strategy, Riot cut mining operations on the peak demand days, providing energy to ERCOT rather than securing BTC revenue.
The company’s update heralded this as Riot contributing to power security by reducing its use of the overall grid capacity so other consumers did not have interruptions to their supplies.
Hash rate ramps up
The CEO of the Riot blockchain mining operation said the company’s hash rate had begun to ‘ramp back up’ thanks to the installation of new dry coolers at its base in Rockdale.
As further works are carried out, the hash rate capacity will continue to climb, Les said, predicting a 12.5 EH/s hash rate capacity will be reached this month.
Following an agreement with MicroBT, including an order for next-generation BTC miners, Riot’s total hash rate capacity could top 20 EH/s by the middle of next year.
The Riot mission
The Riot blockchain mining company states its mission is to 'positively impact' on all communities and sectors it interacts with.
Community partnerships and a spirit of innovation are the best way to achieve successful outcomes and become ‘best in class’, it adds.
Author: Brendan Beeken
Moni Talks Founder and Chairman Brendan Beeken is an entrepreneur, commercial strategist, investor, and philanthropist. He writes on a wide range of subjects, including cryptocurrency, decentralised finance, blockchain, business advice, and professional wellbeing, for news and business websites, as well as Latest Moni and his personal site, brendanbeeken.com. Brendan draws from his own research and more than two decades of personal experience in business to offer a unique insight, perspective, and commentary on diverse subjects. He is passionate about making the cryptocurrency space more accessible and encouraging safer and more responsible trading and investing. Brendan's LinkTree is https://linktr.ee/brendanbeeken.