Riot Platforms, Inc. August 2023 Bitcoin Production and Operations Update
August 2023 Bitcoin Production Overview
Riot Platforms, Inc. reported its Bitcoin production and operations for August 2023, revealing a 19% decrease in Bitcoin production compared to July 2023 and an 11% decrease year-over-year. The average Bitcoin production per day also saw a similar decline. Despite these decreases, the company maintained its Bitcoin holdings at 17,309, showcasing a stable financial position.
Financial Performance and Sales
In August 2023, Riot sold 300 Bitcoins, a reduction of 25% from the previous month. This resulted in net proceeds of $8.6 million, with an average net price per Bitcoin sold at $28,617. This reflects a 6% decrease from July but a significant increase of 31% compared to August 2022.
Power Strategy and Credits
Riot's strategic power management was pivotal during the August heat wave in Texas. The company curtailed over 95% of its power usage during peak demand, contributing to the stabilization of the Texas energy grid. Riot earned power and demand response credits amounting to $31.7 million, equivalent to approximately 1,136 Bitcoins. These credits significantly reduce Riot's mining costs, highlighting their power strategy as a competitive advantage.
Future Hash Rate Growth and Expansion Plans
Riot anticipates reaching a self-mining hash rate capacity of 12.5 EH/s by the end of 2023 at its Rockdale Facility. Additionally, a long-term purchase agreement with MicroBT aims to enhance its Corsicana Facility's capacity to 20.1 EH/s by mid-2024.
Legal and Human Resources Updates
Riot achieved a legal victory with the dismissal of a shareholder class action lawsuit. The company is actively recruiting for various positions, further strengthening its workforce and capacity for expansion.
Company Vision and Strategy
Riot Platforms remains committed to becoming a leading Bitcoin-driven infrastructure platform. The company emphasizes a vertically integrated strategy with operations in Texas and Colorado, aiming for best-in-class execution and successful outcomes.
For more detailed insights, visit Riot Platforms' official website.
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