Riot Platform Shatters Records: $31.7 Million August Earnings And Bold Mining Expansion Plans

Key Points:

• Riot Platform breaks records, earning $31.7 million from Power Credit in August.
• Despite challenges, the company plans to expand its mining capacity to 20.1 EH/s by 2024.
• Its power-saving measures in Texas ensure uninterrupted service during peak demand.

Riot Platform, a Bitcoin mining company, has achieved a groundbreaking milestone by earning a staggering $31.7 million from Power Credit in the month of August.

This achievement was attributed to the company’s unique power strategy, which involves purchasing electricity in advance to secure favorable prices and, if necessary, selling excess energy back to the grid for profit, according to Bloomberg.

Based in Castle Rock, Colorado, Riot Platform revealed that the electricity sold during August amounted to approximately 1,136 Bitcoin. During this period, the company successfully produced 333 coins, marking a significant achievement in its mining operations.

Jason Les, the CEO of Riot, expressed his satisfaction with the company’s performance. He highlighted that the $31.7 million in Power and Demand Response Credits earned in August exceeded the total amount received in all of 2022.

The company aims to achieve a total self-mining hash rate capacity of 12.5 EH/s at its Rockdale Facility by the end of 2023.

Riot has also secured a long-term purchase agreement with MicroBT, with plans to deploy next-generation Bitcoin miners for its Corsicana Facility, potentially increasing its self-mining hash rate capacity to 20.1 EH/s by mid-2024.

Notably, Riot Platform demonstrated its commitment to Texas during August’s extreme heatwave, curtailing its power usage by over 95% during peak demand periods.

This decision, while temporarily sacrificing revenue from Bitcoin mining, significantly contributed to reducing overall power demand in ERCOT, ensuring uninterrupted service for consumers amid the energy crisis.

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