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Riot Blockchain's Bitcoin mining productivity dropped 28% YOY amid record Texas heat

Cryptocurrency Aug 03, 2022 03:00PM ET
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Riot Blockchain's Bitcoin mining productivity dropped 28% YOY amid record Texas heat
 
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Crypto mining firm Riot Blockchain (NASDAQ:RIOT) reported it produced fewer Bitcoin (BTC) in July 2022 than that in July 2021 after scaling down operations at its Texas facility.

In a Wednesday announcement, Riot said its miners had produced 318 Bitcoin in July, more than 28% less than the 443 BTC the firm reported generating in July 2021. According to Riot CEO Jason Les, the firm curtailed operations by 11,717 megawatt-hours in July in response to increasing demand on Texas’ energy grid. Many parts of the Lone Star State experienced several days with temperatures over 100 degrees Fahrenheit, requiring additional power for air conditioners.

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Riot Blockchain's Bitcoin mining productivity dropped 28% YOY amid record Texas heat
 

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