2 years ago
Riot Platforms, Inc. precocious reported its June 2023 Bitcoin mining performance, revealing that it produced 460 Bitcoin portion executing an effectual powerfulness strategy.
The mining steadfast produced 40% less Bitcoin successful June, mining conscionable 460 BTC compared to 757 BTC successful May.
| Bitcoin Produced | 460 | 676 | 421 | -32% | 9% |
| Average Bitcoin Produced per Day | 15.3 | 21.8 | 14.0 | -30% | 9% |
| Bitcoin Held | 7,250 | 7,190 | 6,654 | 1% | 9% |
| Bitcoin Sold | 400 | 600 | 300 | -33% | 33% |
| Bitcoin Sales – Net Proceeds | $10.6 million | $16.5 million | $6.2 million | -36% | 71% |
| Average Net Price per Bitcoin Sold | $26,456 | $27,568 | $20,627 | -4% | 28% |
| Deployed Hash Rate | 10.7 EH/s | 10.5 EH/s | 4.4 EH/s | 2% | 143% |
| Deployed Miners | 95,904 | 94,176 | 42,455 | 2% | 126% |
| Power Sales | $8.4 million | $0.5 million | $1.9 million | 1,452% | 338% |
| Demand Response Revenue | $1.6 million | $2.3 million | $0.7 million | -29% | 137% |
Source: Riot
Despite the driblet successful sales, Riot was capable to leverage its powerfulness strategy to make important gross equivalent to $10 cardinal successful revenue. As a result, the combined powerfulness income and request effect gross equated to an equivalent of a “361 BTC” summation based connected the mean terms of Bitcoin during the month.
Jason Les, CEO of Riot, commented,
“June was a momentous period for Riot, arsenic the results from our mining operations, powerfulness strategy and maturation plans person each travel together.
We announced an archetypal bid of 33,280 MicroBT miners for our Corsicana Facility, which is expected to adhd 7.6 EH/s to our self-mining fleet and besides provides optionality for aboriginal orders astatine the aforesaid terms.”
The further MicroBT miners would summation Riot’s hash complaint by 71%, fixed the existent reported fig of 10.7 EH/s.
Bitcoin miners are selling BTC.
The quality comes arsenic different U.S. miners looked to capitalize connected BTC’s caller terms surge to unafraid profits. In June, BTC mostly traded supra $25,000, peaking astatine $30,750.
According to Glassnode information analyzed by CryptoSlate, Bitcoin miners sold a notable magnitude of their mined Bitcoin successful June to money their operations. Data shows that Bitcoin miners’ speech travel peaked astatine 4,710 BTC connected June 20, marking the highest complaint successful the past 5 years.
| Riot | 460 BTC | 400 BTC | 87% | 7,250 BTC | 5.52% |
| Marathon Digital | 979 BTC | 700 BTC | 71.5% | 12,538 BTC | 5.58% |
| Hut 8 | 70 BTC | 217 BTC | 310%* | 9,136 BTC | 2.38% |
| Cleanspark | 491 BTC | 413 BTC | 84% | 529 BTC | 78.07% |
June BTC Miner Activity
*(Based connected June Production)
Comparatively, Riot sold less Bitcoins monthly arsenic the institution reported a merchantability of 400 Bitcoins successful June 2023, a alteration of 33% from May 2023.
Riot’s powerfulness strategy
However, Riot’s unsocial powerfulness strategy allowed the institution to support a “competitive edge” and lend meaningfully to the broader vigor grid during Texas’s June heatwave without relying solely connected Bitcoin income for revenue. Les explained,
“As temperatures successful Texas reached adjacent grounds levels during the period and powerfulness request was high, we made dynamic decisions connected our powerfulness usage based connected marketplace signals.
Through our information successful assorted marketplace programs wrong ERCOT, the Company generated $8.4 cardinal successful powerfulness income and $1.6 cardinal successful request effect revenue.”
According to Riot, the powerfulness strategy involves information successful ERCOT’s ancillary services and the Four Coincident Peak (4CP) program. The institution efficaciously uses these services to equilibrium energy proviso and demand, adjacent during highest periods.
Riot past sells entree to electrical load to ERCOT and receives compensation careless of whether ERCOT requires a powerfulness down. Through the 4CP program, Riot voluntarily reduces powerfulness usage during highest periods and, successful return, receives credits for aboriginal transmission costs.
The flexibility of its semipermanent Power Purchase Agreement allows Riot to merchantability powerfulness backmost to the marketplace erstwhile it’s much profitable than mining Bitcoin.
The station Riot leverages Texas powerfulness strategy to money operations arsenic BTC equilibrium increases appeared archetypal connected CryptoSlate.
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