Bitcoin miners earned approximately $3M in power credits as a result of reduced activity for credited against the power invoice. $3M in power credits equals ~136 BTC, calculated using the August 2022 daily average BTC closing price of $22,097.
In August, the company sold 350 BTC, generating a net profit of ~$7.7M. riot (RIOT) currently has a distributed fleet of 46,658 miners, with a hash rate capacity of 4.8 exahash per second. The company expects to have a total of 52,994 miners deployed with a hash rate capacity of ~5.4 EH/s after the current deployment of 6,336 miners.
In Q1 2023, the company expects a total mine hash rate of 12.5 EH/, assuming a full deployment of ~115,450 Antminer ASICs, but excluding potential additional productivity gains from the use of the company’s 200 MW immersion cooling infrastructure.
“August was another successful month for Riot where we continued to make significant progress on the expansion of our Rockdale facility, including the deployment of an additional 6,347 S19j Pros in a cooled building, and generating bitcoin (BTC-USD) while further contributing to grid stability in Texas through the continued exercise of our proprietary power strategy,” said CEO Jason Les.