Riot Surpasses 10,000 Bitcoin Held: August Production Update
Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...
Bitcoin mining company Riot Platforms announced on September 5 its August 2024 production and operations updates.
In August 2024, Riot produced 322 Bitcoin, reflecting a 13% decline from July’s 370 Bitcoin and a 3% drop compared to August 2023’s 333 Bitcoin. The company’s average Bitcoin production per day also decreased to 10.4, down from 11.9 in July.
Riot’s overall deployed hash rate remained stable at 23.5 exahashes per second (EH/s), a 1% increase from July and a notable 128% jump from the previous year. This hash rate is distributed across its facilities in Rockdale, Corsicana, and Kentucky.
However, the average operating hash rate decreased by 7% to 14.5 EH/s in August, impacted by high temperatures, operational curtailments due to demand response programs, and maintenance at the Rockdale facility.
Riot’s strategy of being a flexible power consumer was crucial in mitigating operational costs. The company participates in demand response programs, which allow it to reduce power usage during peak demand periods and earn credits.
In August, Riot earned $6.4 million in total power credits, a 90% increase from July. This approach enables Riot to consume power when it is low-cost and abundant and curtail usage when demand is high, providing stability to the grid and lowering energy costs.
Riot Produces 322 #Bitcoin in August 2024 and Exceeds 10,000 Bitcoin Held.
“In August, Riot produced 322 Bitcoin and continued to exercise our unique power strategy, ensuring that we optimized our energy costs while making more power available to the
