One of the leading bitcoin mining companies – Riot Blockchain – mined 318 BTC in July – a 28% production decrease compared to June’s figures. The main reason for the crippled productivity was last month’s extremely hot weather in Texas.
It caused the company to shut some of its mining rigs in the area as an emergency step to prevent the electricity network from an outage. As a result, Riot Blockchain earned approximately $9.5 million in credits.
The Consequences of the Heat Wave
Last month’s extreme weather conditions in Texas caused numerous problems to the residents of the state and the companies located there. In fact, experts estimated that it was Houston’s hottest July in history as temperatures were hovering around 40 degrees.
A bunch of cryptocurrency mining firms shut down their operations because of the heat wave. Had they not done that, the problems to the state’s power grid could have been more significant, and the population could have been left with an unstable electricity supply 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, it mined 318 BTC, which at today’s prices equals nearly $7.3 million. In comparison, the entity produced 421 BTC in June.
It is worth noting, though, that last month Riot sold 275 BTC, generating profits of around $5.6 million (at the moment of the deal). In June, it parted with 300 coins.
In addition, the firm earned around $9.5 million in credits last month due to the warm-front and the halted operations at the Texas facilities.
Not long ago, Riot started moving all of its miners located in Massena, New York, to Texas. The transition is justified by the fact that regulators and lawmakers in the “Lone Star State” have displayed a crypto-friendly stance over the past months. At the same time, electricity prices there are much cheaper than in other regions in the USA.
The Texas City That Mines BTC
Speaking of the pro-crypto environment in the southern state, it is worth mentioning the city of Fort Worth. Earlier this year, it announced intentions to become the first US town that mines bitcoin.
The authorities’ plan is to employ three Bitmain Antminer S9 mining rigs in the mission donated by the Texas Blockchain Council. Fort Worth’s Mayor – Mattie Parker – believes digital assets will play a key role in the future of finance.
She appreciated the contribution, assuring that the city will decide whether to invest real cash into the mining endeavor after an assessment that will occur later in 2022.