Riot Platform, a leading Bitcoin mining company, has handled its energy costs and continued its expansion plans during the extreme Texas heat in August. The company has produced 322 BTC during the month while adapting to the harsh weather conditions.
The August report shows Riot mined an average of 10.4 BTC/Day, which is an impressive feat. However, August mining was about 48 BTC lower than the previous month. In July, Riot mined 370 BTC and averaged 11.9 BTC/Day.
Riot Produces 322 #Bitcoin in August 2024 and Exceeds 10,000 Bitcoin Held.
“In August, Riot produced 322 Bitcoin and continued to exercise our unique power strategy, ensuring that we optimized our energy costs while making more power available to the grid during periods of peak…
— Riot Platforms, Inc. (@RiotPlatforms) September 5, 2024
Bitcoin Report
The holdings reported by Riot stand as a testament to the support for Bitcoin. The report shows that Riot holds 10,014 BTC worth $564 million! Compared to July, Riot increased its BTC holdings by 3%.
Jason Les, CEO of Riot Platforms, commented, ” We optimized our energy costs while making more power available to the grid.” The company reduced the cost and supported the grid during peak demand periods on the Electric Reliability Council of Texas (ERCOT).
The strategy that helped the company to reduce the usage was to consume electricity when the prices were low and reduce the usage when the prices were high.
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For example, the two facilities that the company has are the Rockdale facility, where the power cost was $20 per megawatt-hour (MWh), and the Corsicana facility, where the power cost was $39 per MWh, as it used to buy power at real-time prices.
The company had to reduce its mining activity to stabilize its grid, which caused Rockdale to undergo unscheduled maintenance, which affected its mining capacity. The average operating hash rate, which measures the computing power used for Bitcoin mining, was 14.5 exahashes per second (EH/s) in August, a slight decrease from 15.5 EH/s in July.
The company’s strategy also resulted in significant power credits, which reduced overall energy costs. The company received $6.4 million in power credits in August by participating in ERCOT’s demand response programs and managing its energy consumption efficiently.
The overall power cost at all the facilities was reduced to 2.6 percent kilowatt-hour (KWh), compared to 3.2 percent kilowatt-hour (KWh)in July.
Riot Platforms has demonstrated its ability to adapt and thrive in challenging conditions, and it continues to focus on growth and sustainability. Its commitment to optimizing energy use and expanding its operations and hash rate will likely drive further success in the future.
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