Leading bitcoin mining company Riot Blockchain mined 318 BTC in July, a 28% drop in production from June data. The main reason for the reduced productivity was last month’s extremely hot weather in Texas.
It prompted the company to shut down some of its mining rigs in the area as an emergency measure to prevent a power outage. As a result, Riot Blockchain earned around $ 9.5 million in credits.
The consequences of the heat wave
Last month’s extreme weather conditions in Texas caused numerous problems for residents of the state and companies located there. Indeed, experts valued which was the hottest July in Houston’s history as temperatures hovered around 40 degrees.
A group of cryptocurrency mining companies have stopped their operations due to the heat wave. Had they not done so, the problems with the state power grid could have been more significant and the population would have been left with an unstable supply of electricity during the scorching month.
One of those miners was Riot Blockchain. A recent update revealed that the move had pushed back the company’s production levels. In July, he mined 318 BTC, which at today’s prices is nearly $ 7.3 million. By comparison, the entity produced 421 BTC in June.
It is worth noting, however, that Riot sold 275 BTC last month, generating profits of around $ 5.6 million (at the time of the deal). In June he split with 300 coins.
In addition, the company earned about $ 9.5 million in credits last month due to the hot front and suspended operations at its Texas factories.
Not long ago, Riot began relocating all of its miners located in Massena, New York, Texas. The transition is justified by the fact that regulators and lawmakers in the “Lone Star State” have shown a favorable stance for cryptocurrencies in recent months. At the same time, electricity prices are much lower than in other regions of the United States.
The Texas city that mines BTC
Speaking of the pro-crypto environment in the southern state, the city of Fort Worth is worth mentioning. Earlier this year, it announced plans to become the first U.S. city to mine bitcoin.
The authorities plan is to deploy three Bitmain Antminer S9 mining rigs in the mission donated by the Texas Blockchain Council. Fort Worth Mayor Mattie Parker believes digital assets will play a key role in the future of finance.
He appreciated the contribution, assuring that the city will decide whether to invest real money in mining after an assessment that will take place later in 2022.
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