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🧵Riot earned more in July when its miners were powered off than when powered onnitter.it/JMellerud/status/1554841814372388864
35 sats \ 6 comments \ @BTCMiner 3 Aug 2022 bitcoin
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25 sats \ 0 replies \ @sb 3 Aug 2022
It's so interesting to watch the dynamics play out in energy markets when it comes to Bitcoin mining companies trading futures and credits 👀
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0 sats \ 0 replies \ @BTCMiner OP 3 Aug 2022
The link for this post uses a read-only front-end for Twitter, which can be easier to read for viewing a full Twitter thread. The Tweet that kicked off the thread is:
Riot produced 318 #BTC in July, a significant reduction from their March peak of 511.
Even though their BTC production was lower than anticipated, July was still a highly profitable month for Riot. Why?
https://nitter.it/JMellerud/status/1554841814372388864
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0 sats \ 3 replies \ @BTCMiner OP 3 Aug 2022
Being paid $1.09 per kWh to shut in your mining operation is wild when mining revenue is ~$0.14 per kWh (assuming 110 TH/s and 3.45 kW)
https://nitter.it/RG_Leachman/status/1554852224672714754
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0 sats \ 2 replies \ @BTCMiner OP 3 Aug 2022
Here's Riot's July revenue report:
Riot Blockchain Announces July 2022 Production and Operations Updates https://www.riotblockchain.com/news-media/press-releases/detail/135/riot-blockchain-announces-july-2022-production-and
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0 sats \ 1 reply \ @BTCMiner OP 3 Aug 2022
There's another post, here on SN, that shares an article from CoinDesk:
Riot Blockchain Mined 28% Less Bitcoin in July as Heat Wave Cut Power Supply #53924 https://www.coindesk.com/business/2022/08/03/riot-blockchain-mined-28-less-bitcoin-in-july-as-heat-wave-cut-power-supply/ https://archive.ph/X4IHJ <-- An archive, which can be easier to read
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0 sats \ 0 replies \ @BTCMiner OP 3 Aug 2022
There's also an article on Bloomberg, shared here on SN:
Bitcoin Miner Made Millions in Credits by Shutting Rigs During Texas Heat #54037 https://www.bloomberg.com/news/articles/2022-08-03/bitcoin-miner-made-millions-by-shutting-rigs-during-texas-heat https://archive.ph/WNVWg
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