Home
News
- Riot Blockchain Inc. Made 9.5 Million USD
- Riot to shut down the mining process in Texas state
Riot Blockchain Inc. – a leading Bitcoin miner in Texas – on shutting down their facility on a request from the state was elegantly rewarded. The Bitcoin miner, in a press-release stated that RIOT earned 9.5 Million USD from the state in curtailing the mining activity. The amount can roughly be equated to 439 Bitcoins priced at 21,364 USD approximately.
Riot in an article mentioned, the company produced 318 BTC in July 2022, which was comparatively low as of July 2021. As of July 31st, 2022 the company held 6,969 BTC produced precisely at Riot’s facility.
An Extended Arm of Optimism – Riot Blockchain Inc.
The state demanded the company to stop the production process, looking at a subtle increase in heat wave emissions in Texas. From the reports it can be estimated that the power consumption reached a record high 78,206 megawatts.
On a request from the state of Texas and The Electric Reliability Council of Texas (ERCOT) the miners made a collective effort to reduce the power consumption to 1000 megawatts in mining load. On the other hand the Texas mining giant Riot, solely curtailed 11,717 – Megawatts, which is enough to power approximately 13,000 homes per month.
Riot Blockchain’s Offers a Support System to ERCOT
CEO Jason Les said in an interview, “ The company has consistently and proactively pursued low-cost, large-scale access to power under its long-term fixed-rate power contracts, providing it with a unique ability to support ERCOT and release capacity back into the grid when power demand in Texas is high.”
The miners in the state were forced to dump most of their Bitcoin holdings during June as the downpouring prices of the BTC has charred the miners profit margins drastically. This marginal fall in the market triggered a slight downfall in the hash rate. Even at such market conditions Riot made a significant number of 4.2 exahashes per second – close to 2% of the Bitcoin hash rate entirely.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
