world’s largest bitcoin Riot Blockchain, one of its miners, said it had to stop some operations during the Texas heat wave to meet its high energy demand.
The company therefore said that it was able to generate 318 BTC in July, 28% less than in July of last year.
Famous Mining Company Riot Blockchain Reduces Bitcoin Production
Cryptocurrency The mining company also received $9.5 million in energy credit and other benefits from this cut.
“As energy demand at ERCOT (Texas Electricity Reliability Board) reached all-time highs last month, the company has voluntarily reduced energy consumption to ensure more energy is available in Texas,” CEO Jason Les said in a statement.
Due to the heat waves that swept the USA, especially Texas, in July, many BTC miners temporarily stopped their mining activities as a result of the increase in energy demand. Noting that Riot cut 11,717 megawatt hours in July, which was enough to power 13,121 homes for an average of one month, Les added that this also reduced energy costs for the company.
Continuing its strategy of converting some of its Bitcoins into cash, Riot sold 275 BTC in July, generating $ 5.6 million in revenue. The mining company currently holds approximately 6,696 BTC.
Shares of the company have fallen by about 65% this year, performing poorly alongside Bitcoin.
*Not investment advice.