Riot Platforms, a leading Bitcoin mining and data center hosting company, has announced its unaudited production and operations updates for June 2023.
Despite challenging conditions due to extreme heat and high power demand in Texas, the firm was able to mine 460 BTC while significantly leveraging its power strategy.
Riot’s Vertically Integrated Structure
According to the report, the company produced 460 BTC in June 2023. The average Bitcoin produced per day was 15.3 BTC, a 32% decrease from May 2023, but a 9% increase compared to June 2022.
Riot held 7,250 BTC at the end of June 2023, a 1% increase from May 2023, and a 9% increase compared to June 2022. A lot of this growth is attributed to the power strategy which the blockchain adopted not too long ago.
Riot’s power strategy is unique in the Bitcoin mining industry, because, unlike many other mining companies that rely on cheap electricity prices, the firm has developed a power strategy that allows it to curtail its Bitcoin mining operations and sell large blocks of power back into the grid during periods of peak demand. This ensures that power is available to Texans while generating economic benefits for the company.
What’s more, Riot’s vertically integrated structure and balance sheet strength enables the company to take advantage of its long-term, fixed-price power contracts, which provide the flexibility to dynamically adjust the company’s power usage based on market signals.
This power strategy is a key differentiator for Riot as it supports the company’s low cost of production and helps to stabilize the Texas energy grid during periods of high demand.
Furthermore,
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Author: Ronaldo Marquez
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