RiotPlatforms
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Riot Platforms Reduces Production Costs by $31 Million
As the scorching Texas sun beat down, Riot Platforms, a Bitcoin mining company, found itself in an unexpected position. While the heat posed challenges, it also brought a windfall of monetary credits to the company for its attentiveness to the grid's power needs. In this blog, we will delve into how Riot Platforms harnessed the Texas energy strategy to reduce production costs by a whopping $31 million, equivalent to approximately 1,136 Bitcoin.
Bitcoin Mining in the Texas Heatwave
The relentless heatwave that gripped Texas in August set the stage for Riot Platforms' remarkable financial gains. CEO Jason Les highlighted that, despite mining fewer Bitcoin compared to July, the company received over $31 million in power credits, thanks to its strategic approach.
Power Credits and ERCOT Contract
Riot Platforms secured an estimated $24.2 million in power curtailment credits through its contract with the Electric Reliability Council of Texas (ERCOT). Additionally, the company received $7.4 million from ERCOT's demand response program. These monthly credits surpassed what Riot received in the entire year of 2022.
The Three Pillars of Riot's Power Strategy
A presentation released by Riot outlined the company's power strategy, which relies heavily on its long-term ERCOT contract. This strategy involves three key mechanisms, each contributing to the reduction of operational costs: curtailing operations, returning power to ERCOT during unprofitable electricity price periods, and competitively bidding to sell ERCOT the option to control electrical load.
Weathering the Storm: Bitcoin Mining's Role in Demand Stress
Texas faced unusually severe weather conditions in August, with temperatures reaching record highs. Despite these challenges, Riot Platforms' presentation emphasized that Bitcoin mining is uniquely positioned to lower energy consumption and support the grid during periods of high demand stress.
From Losses to Recovery: Riot's Financial Resilience
While Riot Platforms reported a loss of $27.7 million in the second quarter of the current year, this figure represents a substantial improvement compared to the $353.6 million loss during the crypto winter of Q2 2022. The company's resilience and strategic planning are evident as it plans to install thousands of new miners in anticipation of the Bitcoin halving.
In Summary
Riot Platforms' ability to navigate the Texas energy landscape and leverage its power strategy has not only reduced production costs but also solidified its position as one of the lowest-cost producers of Bitcoin in the industry. As the cryptocurrency market continues to evolve, Riot Platforms' innovative approach serves as a testament to the adaptability and growth potential of the Bitcoin mining sector in challenging conditions.
#ERCOT #BTC #mining #halving #RiotPlatforms $BTC
Bitcoin Mining in the Texas Heatwave
The relentless heatwave that gripped Texas in August set the stage for Riot Platforms' remarkable financial gains. CEO Jason Les highlighted that, despite mining fewer Bitcoin compared to July, the company received over $31 million in power credits, thanks to its strategic approach.
Power Credits and ERCOT Contract
Riot Platforms secured an estimated $24.2 million in power curtailment credits through its contract with the Electric Reliability Council of Texas (ERCOT). Additionally, the company received $7.4 million from ERCOT's demand response program. These monthly credits surpassed what Riot received in the entire year of 2022.
The Three Pillars of Riot's Power Strategy
A presentation released by Riot outlined the company's power strategy, which relies heavily on its long-term ERCOT contract. This strategy involves three key mechanisms, each contributing to the reduction of operational costs: curtailing operations, returning power to ERCOT during unprofitable electricity price periods, and competitively bidding to sell ERCOT the option to control electrical load.
Weathering the Storm: Bitcoin Mining's Role in Demand Stress
Texas faced unusually severe weather conditions in August, with temperatures reaching record highs. Despite these challenges, Riot Platforms' presentation emphasized that Bitcoin mining is uniquely positioned to lower energy consumption and support the grid during periods of high demand stress.
From Losses to Recovery: Riot's Financial Resilience
While Riot Platforms reported a loss of $27.7 million in the second quarter of the current year, this figure represents a substantial improvement compared to the $353.6 million loss during the crypto winter of Q2 2022. The company's resilience and strategic planning are evident as it plans to install thousands of new miners in anticipation of the Bitcoin halving.
In Summary
Riot Platforms' ability to navigate the Texas energy landscape and leverage its power strategy has not only reduced production costs but also solidified its position as one of the lowest-cost producers of Bitcoin in the industry. As the cryptocurrency market continues to evolve, Riot Platforms' innovative approach serves as a testament to the adaptability and growth potential of the Bitcoin mining sector in challenging conditions.
#ERCOT #BTC #mining #halving #RiotPlatforms $BTC
Riot Blockchain Buys 66,560 Bitcoin Mining Rigs in $290.5 Million Deal with MicroBT
Bitcoin miner Riot Blockchain has announced its purchase of 66,560 bitcoin mining rigs from MicroBT, marking one of the largest orders in the company’s history.
Riot Blockchain is set to acquire 66,560 Bitcoin miners from manufacturer MicroBT in one of its largest orders of hash rate, totaling $290.5 million, with an average cost of $4,360 per machine. The new order is an extension of Riot’s initial agreement with MicroBT, where it agreed to buy 33,280 machines in June. The updated agreement now provides Riot with options to purchase up to 265,000 additional miners from MicroBT under the same terms as the recent order.
The new miners, primarily consisting of MicroBT’s M66S model with a hash rate of 250 terahashes per second (TH/s), will add 18 exahashes per second (EH/s) to Riot’s operations. The deployment schedule includes the previously announced order of 33,280 MicroBT miners, set to begin deployment in the first quarter of 2024, and the new order of 66,560 additional miners, with delivery and deployment starting in the second half of 2024.
Riot’s CEO, Jason Les, noted that this purchase order represents the largest order of hash rate in the company’s history. He said,
Riot anticipates reaching a self-mining hash rate capacity of 38 EH/s once all 99,840 rigs are fully installed and operational. The company cited the upcoming Bitcoin halving event in April 2024 as a key factor influencing its recent buying spree. According to Nasdaq, Riot’s stock (ticker: RIOT) increased nearly 9% on December 4, bringing its total gains to over 345% for the year 2023.
Riot Platforms also earned $49.6 million in power curtailment credits, a substantial increase from the $13.1 million earned in the same quarter of the previous year. As of late September, Riot has $442.3 million in working capital, including $290.1 million in cash and 7,327 unencumbered Bitcoins, valued at approximately $197.6 m
#RiotPlatforms #btcmining #microBT #BinanceTournament #CryptoScoop
$BTC
Bitcoin miner Riot Blockchain has announced its purchase of 66,560 bitcoin mining rigs from MicroBT, marking one of the largest orders in the company’s history.
Riot Blockchain is set to acquire 66,560 Bitcoin miners from manufacturer MicroBT in one of its largest orders of hash rate, totaling $290.5 million, with an average cost of $4,360 per machine. The new order is an extension of Riot’s initial agreement with MicroBT, where it agreed to buy 33,280 machines in June. The updated agreement now provides Riot with options to purchase up to 265,000 additional miners from MicroBT under the same terms as the recent order.
The new miners, primarily consisting of MicroBT’s M66S model with a hash rate of 250 terahashes per second (TH/s), will add 18 exahashes per second (EH/s) to Riot’s operations. The deployment schedule includes the previously announced order of 33,280 MicroBT miners, set to begin deployment in the first quarter of 2024, and the new order of 66,560 additional miners, with delivery and deployment starting in the second half of 2024.
Riot’s CEO, Jason Les, noted that this purchase order represents the largest order of hash rate in the company’s history. He said,
Riot anticipates reaching a self-mining hash rate capacity of 38 EH/s once all 99,840 rigs are fully installed and operational. The company cited the upcoming Bitcoin halving event in April 2024 as a key factor influencing its recent buying spree. According to Nasdaq, Riot’s stock (ticker: RIOT) increased nearly 9% on December 4, bringing its total gains to over 345% for the year 2023.
Riot Platforms also earned $49.6 million in power curtailment credits, a substantial increase from the $13.1 million earned in the same quarter of the previous year. As of late September, Riot has $442.3 million in working capital, including $290.1 million in cash and 7,327 unencumbered Bitcoins, valued at approximately $197.6 m
#RiotPlatforms #btcmining #microBT #BinanceTournament #CryptoScoop
$BTC
¡Análisis Explosivo del Mercado Bitcoin! 🚀🎉
Cuando hablamos de bitcoin (BTC 💸), muchos piensan automáticamente en su correlación con otros activos. Pero, ¿cuáles son esos misteriosos compañeros de baile de nuestra cripto favorita? ¡Descúbrelo aquí! 🕺💃
¡Analizando los Datos! 🔍 Recientes estudios del Instituto Multidisciplinar de Edición Digital en 2022 nos brindan algunas revelaciones:
Las correlaciones a largo plazo de #bitcoin 🔥 son más fuertes que las de corto plazo. 📈En tiempos de crisis, como durante la pandemia de COVID-19 😷, bitcoin parece moverse de la mano con activos de riesgo.Además, puede haber una correlación negativa con el dólar estadounidense 🇺🇸.
🌐 El Mundo Cripto: Hay ciertos valores relacionados directamente con #cryptocurrency que bailan casi al mismo ritmo que bitcoin:
#MicroStrategy (MSTR) 🔥
#RiotPlatforms (RIOT) 🌪️
#Coinbase (COIN) 💎
Sus movimientos en el mercado se asemejan al de BTC, ¡y tienen una tonelada de bitcoin en sus balances!
¿Bitcoin es el Nuevo Oro? 🥇 Para sorpresa de muchos, desde 2019, la plata 🪙 ha tenido un baile más parecido al de bitcoin que el oro. ¿Quién lo hubiera pensado?
📊 Fondos de Crecimiento vs. Bitcoin: Si nos adentramos en el mundo de las acciones, los fondos de crecimiento tienen más en común con bitcoin que otros fondos. Especulación, riesgos y ¡muchas emociones!
Conclusión ❗ Como todo buen baile, las parejas pueden cambiar de un momento a otro. Las correlaciones de bitcoin no son una bola mágica 🔮. Pero este análisis nos brinda un vistazo al complicado tango que bitcoin baila con el mercado global.
Recuerda: Invertir siempre tiene sus riesgos. Investiga, infórmate y ¡a bailar en el mundo cripto! 💃
$BTC
Cuando hablamos de bitcoin (BTC 💸), muchos piensan automáticamente en su correlación con otros activos. Pero, ¿cuáles son esos misteriosos compañeros de baile de nuestra cripto favorita? ¡Descúbrelo aquí! 🕺💃
¡Analizando los Datos! 🔍 Recientes estudios del Instituto Multidisciplinar de Edición Digital en 2022 nos brindan algunas revelaciones:
Las correlaciones a largo plazo de #bitcoin 🔥 son más fuertes que las de corto plazo. 📈En tiempos de crisis, como durante la pandemia de COVID-19 😷, bitcoin parece moverse de la mano con activos de riesgo.Además, puede haber una correlación negativa con el dólar estadounidense 🇺🇸.
🌐 El Mundo Cripto: Hay ciertos valores relacionados directamente con #cryptocurrency que bailan casi al mismo ritmo que bitcoin:
#MicroStrategy (MSTR) 🔥
#RiotPlatforms (RIOT) 🌪️
#Coinbase (COIN) 💎
Sus movimientos en el mercado se asemejan al de BTC, ¡y tienen una tonelada de bitcoin en sus balances!
¿Bitcoin es el Nuevo Oro? 🥇 Para sorpresa de muchos, desde 2019, la plata 🪙 ha tenido un baile más parecido al de bitcoin que el oro. ¿Quién lo hubiera pensado?
📊 Fondos de Crecimiento vs. Bitcoin: Si nos adentramos en el mundo de las acciones, los fondos de crecimiento tienen más en común con bitcoin que otros fondos. Especulación, riesgos y ¡muchas emociones!
Conclusión ❗ Como todo buen baile, las parejas pueden cambiar de un momento a otro. Las correlaciones de bitcoin no son una bola mágica 🔮. Pero este análisis nos brinda un vistazo al complicado tango que bitcoin baila con el mercado global.
Recuerda: Invertir siempre tiene sus riesgos. Investiga, infórmate y ¡a bailar en el mundo cripto! 💃
$BTC
#RiotPlatforms , a #Bitcoinmining company, reported a 19% increase in #Bitcoin production for 2023, totaling 6,626 #BTC . The cost of mining decreased by 33% to $7,539 per Bitcoin. The CEO, Jason Les, announced revenues of $281 million, with $71 million in power credits. Riot's average mining cost per Bitcoin dropped by $3,686 from the previous year. Strategic advancements include the completion of a 700-megawatt expansion, a partnership with MicroBT, and ongoing development of a 1-gigawatt facility. Riot closed 2023 with a robust balance sheet of $597 million in cash and 7,362 Bitcoins. Les outlined growth targets, aiming for a hash rate capacity of 28 EH/s by 2024 and exceeding 100 EH/s. In June 2023, Riot acquired 33,000 new miners ahead of the 2024 halving event, investing $138.5 million. The deployment is set for Q1 2024, adding 7.6 EH/s. #Riot , along with the Texas Blockchain Council, filed a lawsuit against the U.S. Department of Energy, challenging regulatory scrutiny on cryptocurrency energy consumption. The lawsuit criticizes the government's approach as "sloppy" and seeks to halt data collection from cryptocurrency miners. $BTC
