The article discusses Riot Platforms, Inc.’s Bitcoin mining performance in June 2023 and highlights the company’s power strategy and revenue generation. Here’s a review of the key points: Riot Platforms, Inc. reported a decrease in Bitcoin production in June, mining 460 BTC compared to 757 BTC in May, reflecting a 40% decline. Despite the drop in sales, Riot was able to generate substantial revenue of $10 million by leveraging its power strategy.
The combined revenue from power sales and demand response was equivalent to a “361 BTC” increase based on the average price of Bitcoin during the month. This indicates that Riot’s power strategy played a significant role in compensating for the decrease in Bitcoin production.
The CEO of Riot, Jason Les, expressed satisfaction with the company’s mining operations, power strategy, and growth plans coming together in June. Additionally, Riot announced an initial order of 33,280 MicroBT miners for its Corsicana Facility, which is expected to significantly increase its self-mining fleet and hash rate. The article mentions that Bitcoin miners in the U.S. capitalized on BTC’s price surge in June by selling a notable amount of their mined Bitcoin to fund their operations. Riot also sold a reduced number of Bitcoins, with 400 BTC sold in June, a decrease of 33% compared to May.
Riot’s power strategy is highlighted as its competitive edge, allowing the company to contribute to the broader energy grid in Texas during a heatwave. By participating in ERCOT’s ancillary services and the 4CP program, Riot balances electricity supply and demand, even during peak periods. The company generates revenue through power sales and demand response.
Through the 4CP program, Riot voluntarily reduces power usage during peak periods and receives credits for future transmission costs. The flexibility of its long-term Power Purchase Agreement enables Riot to sell power back to the market when it is more profitable than mining Bitcoin.
Overall, the article provides an overview of Riot Platforms, Inc.’s Bitcoin mining performance, revenue generation through its power strategy, and its plans for expansion. It highlights the company’s ability to adapt to market conditions and leverage its power assets effectively.
