Riot Blockchain bitcoin production rose 26% in December vs. prior month

Jan 05,2023
Riot Blockchain bitcoin production rose 26% in December vs. prior month

Riot Blockchain (NASDAQ:RIOT) produced 659 bitcoins (BTC-USD) in December, up 26% from November 2022 and 55% higher than its December 2021 production. Riot shares rose 1.0% in Wednesday after-hours trading.

During the month, the company earned $4.9M in power credits as a result of curtailment activity, equivalent to ~290 bitcoins using the December 2022 weighted average daily closing price of $16,967.

Riot (RIOT) sold 600 BTC, generating net proceeds of ~$10.2M and held ~6,952 BTC as of Dec. 31, 2022, all produced by the company's self-mining operations.

The bitcoin miner deployed an addition 16,128 S-19-series miners, bringing its hash rate capacity to a new all-time high of 9.7 EH/s, CEO Jason Les said.

A portion of the company's operations at its Rockdale facility sustained some damage from severe winter weather in Texas, impacting ~2.5 EH/S of its total hash rate capacity. But in anticipation of the storm, the company voluntarily curtailed operations to contribute to the stability of the ERCOT grid.

With ~1,152 miners staged for deployment, the company expects to have a total of 89,708 miners deployed with a hash rate capacity of ~9.9 EH/s. Additionally, shipments of 5,130 S19-series miners have been initiated and are expected to be received during January 2023.

During Q1 2023, the company expects a total self-mining hash rate capacity of 12.5 EH/s, assuming full deployment of ~115,450 Antminer ASICs, but excluding any potential incremental productivity gains from the company’s utilization of 200 MW of immersion-cooling infrastructure.

Earlier on Wednesday, Marathon Digital (MARA), Silvergate (SI) surge as traders pile back into crippled crypto stocks