Riot bristle an all -time high of 740 BTC in January

Riot bristle an all -time high of 740 BTC in January

The cryptocurrency miner Riot Blockchain based in the USA produced 740 BTC last month, an increase of 62 % compared to January 2022 and a new monthly high for the company.

The positive start of the year are faced with disappointing levels of production and shrinking sales towards the end of 2022.

Meet an ATH

Despite problems with his mining slot, Riot produced a record amount of Bitcoin-740 BTC in January. CEO Jason Les announced that the recent winter storms in Texas damaged the rock dale facility and reduced the capacity of the hash rate.

"Repairs were carried out in both buildings, and we have successfully brought buildings online online, which corresponds to 0.6 Eh/s of the affected hash rate capacity.

We are grateful for the progress of our team despite difficult weather conditions and check several options to bring the hash installment capacity of around 1.9 EH/s, which is still affected in building G, ”he assured.

The extreme weather conditions will probably prevent riot from reaching a total of 12.5 EH/s in the 1st quarter of 2023.

Riot has used Bitcoin's price increase in the past few weeks to sell around $ 700 for around $ 13.7 million. At the end of January it held 6,978 BTC, which corresponds to over $ 160 million (calculated at current prices).

His overall fleet consists of 82,656 miners with a hash installment capacity of 9.3 EH/S. Over 17,000 machines are currently switched off as a result of the snowstorm.

In addition to the positive results, Riot announced that his team expanded his team to expand new members. This is opposed to the continued wave of discharge in the industry.

Large industry players, including Coinbase, Bybit, Kraken and Gemini, have released a large part of their employees. The rival of Riot-Core Scientific-also reduced its number of employees, but that was not enough to prevent this to prevent submission for insolvency security.

The bear market and the heat wave in 2022

The downfall of Riot last year began in July when dismantled span-speserver-spaces = "true"> only 318 BTC less than in the previous month. The main factor for the setback was the extremely hot weather in Texas with temperatures of over 40 degrees (Celsius).

Riot and many other miners temporarily stopped their activities to prevent serious problems for the local power grid and a possible power failure.

The rising electricity costs and the crash of the cryptocurrency market in the third quarter of 2022 led to further problems for the company. It sent Preserver spaces = "True"> a quarterly net loss of over $ 36 million, while the turnover achieved was $ 46.3 million, 28 % less than the previously estimated $ 54.2 million.

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