Riot Blockchain Sells Up To 93% Of Bitcoin Mined In August

Investors’ anxiety is becoming heavier with the move to sell Bitcoin just announced by a series of leading names in the mining industry. Notably, Riot Blockchain sold 93% of BTC mined in August.

Riot Blockchain produced 374 Bitcoins in August 2022, a 15% decrease from the previous year while greatly lowering its overall power expenses.

As a result of the reduced activity, the Bitcoin miner received an estimated $3 million in power credits to be applied to its power bills. The $3 million in power credits corresponds to 136 BTC, based on the average daily closing BTC price of $22,097 in August 2022.

Riot possessed 6,720 BTC as of August 31, 2022, all of which were generated through the company’s self-mining operations.

In August, the business sold 350 BTC for $7.7 million in net revenues. Riot now has 46,658 miners installed, with a hash rate capacity of 4.8 exahash per second. After deploying 6,336 miners, the business intends to have a total of 52,994 miners deployed with a hash rate capacity of 5.4 EH/s.

CEO of Riot Blockchain, Jason Les, said:

“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.”

Besides Riot Blockchain, Core Scientific, a giant in the BTC mining industry, also sold a holding amount in August.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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