Tag: Riot Blockchain

Riot Blockchain Mines 318 BTCs, Decreased 28% Compared Last July

by Blockchain News

Colorado-based bitcoin mining company Riot Blockchain, Inc. announced that its bitcoin production and mining operations produced 318 BTC in July, a decrease of about 28% from 443 BTC in July last year.

Riot said productivity fell as it closed some operations to accommodate high energy demand during the Texas heatwave. Still, from the electricity cost side, it earned the company $9.5 million in power credits and other benefits.

Riot’s official document reads, “As energy demand in ERCOT reached all-time highs this past month, the Company voluntarily curtailed its energy consumption in order to ensure that more power would be available in Texas. By providing power back into the ERCOT grid during periods of peak demand, the Company estimates that power credits and other benefits from curtailment activities totaled an estimated $9.5 million, significantly outweighing the reduction in BTC mined.”

At an average BTC price of $21,634, a $9.5 million power credit is equivalent to roughly 439 BTC.

As of July 31, the crypto mining company said it holds about 6,696 Bitcoins, all of which were mined and produced by the company itself.

Riot further mentioned that it sold 275 bitcoins in the last month for a net gain of about $5.6 million.

The company also revealed that it has currently deployed approximately 40,311 miners with a hash rate capacity of 4.2 exahash per second (“EH/s”).

In addition, Riot revealed that last month, the company took delivery of an additional 9,316 new S19j pros and deployed approximately 4,320 S19j pros in its immersion cooling buildings. The company said it expects to receive an additional 7,200 mining machines for deployment at the factories it operates.

The company ordered 9,316 S19j pros from Bitmain, which are expected to be received this month. Following the expected miner deployment, Riot revealed that 47,511 miners are expected to be deployed with a hash rate capacity of around 4.9 EH/s.

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Riot Blockchain Hires Nomura M & A Banker Jason Chung as Corporate Development Head

by Blockchain News

Riot Blockchain Inc, a Bitcoin infrastructure company based in Colorado, announced on Wednesday that it has hired investment banker Jason Chung from Nomura Holdings Inc as its head of corporate development.

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Until recently, Chung was a Hong Kong-based managing director at Nomura. In this new role, Chung will lead corporate development affairs at Riot Blockchain, including mergers and acquisitions (M&A), and be responsible for building a superior corporate development group that drives the firm’s strategic growth. He will also assist the crypto firm with its financing strategy.

The former banker comes to Riot Blockchain with over 15 years of investment banking and corporate development experience. Previously, he served as a Managing Director in the mergers and acquisitions at Nomura, a role that he executed for more than five years, first based in New York and then in Hong Kong.

Before that, Chung was at Societe Generale SA, an investment banking company in New York, where he worked as a Vice President of M&A for eight years, according to his LinkedIn profile.

As 2022 continues to be the year of acquisitions, it appears that Riot Blockchain is still looking to bolster its business. The firm is hiring a Corporate Development Director to identify inorganic growth opportunities through acquisitions. The move is important as the current crypto space is faced with major acquisitions.

Riot Blockchain has recently made a number of acquisitions with the goal of increasing its US footprint in the global bitcoin mining landscape.

In April last year, the Nasdaq-listed mining company acquired Whinstone US, Inc. data centre operations in Texas.

Last December, Riot Blockchain acquired Ferrie Franzmann Industries LLC, doing business as ESS Metron, a company that designs and produces electrical equipment. ESS Metron is a key supplier of Riot’s Whinstone Bitcoin mining commercial data centre facility and a significant component in its effort to expand to 700 megawatts (MW) and scale its Bitcoin mining operations.

As per the report, Riot Blockchain owns the largest Bitcoin mining and hosting facility in North America through its subsidiary Whinstone US.

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Riot Blockchain Hires Nomura M & A Banker Jason Chung as Corporate Development Head

by Blockchain News

Riot Blockchain Inc, a Bitcoin infrastructure company based in Colorado, announced on Wednesday that it has hired investment banker Jason Chung from Nomura Holdings Inc as its head of corporate development.

Webp.net-resizeimage - 2022-06-02T113456.632.jpg

Until recently, Chung was a Hong Kong-based managing director at Nomura. In this new role, Chung will lead corporate development affairs at Riot Blockchain, including mergers and acquisitions (M&A), and be responsible for building a superior corporate development group that drives the firm’s strategic growth. He will also assist the crypto firm with its financing strategy.

The former banker comes to Riot Blockchain with over 15 years of investment banking and corporate development experience. Previously, he served as a Managing Director in the mergers and acquisitions at Nomura, a role that he executed for more than five years, first based in New York and then in Hong Kong.

Before that, Chung was at Societe Generale SA, an investment banking company in New York, where he worked as a Vice President of M&A for eight years, according to his LinkedIn profile.

As 2022 continues to be the year of acquisitions, it appears that Riot Blockchain is still looking to bolster its business. The firm is hiring a Corporate Development Director to identify inorganic growth opportunities through acquisitions. The move is important as the current crypto space is faced with major acquisitions.

Riot Blockchain has recently made a number of acquisitions with the goal of increasing its US footprint in the global bitcoin mining landscape.

In April last year, the Nasdaq-listed mining company acquired Whinstone US, Inc. data centre operations in Texas.

Last December, Riot Blockchain acquired Ferrie Franzmann Industries LLC, doing business as ESS Metron, a company that designs and produces electrical equipment. ESS Metron is a key supplier of Riot’s Whinstone Bitcoin mining commercial data centre facility and a significant component in its effort to expand to 700 megawatts (MW) and scale its Bitcoin mining operations.

As per the report, Riot Blockchain owns the largest Bitcoin mining and hosting facility in North America through its subsidiary Whinstone US.

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Riot Blockchain Mined 508 BTCs, Increased 150% in April

by Blockchain News

Riot Blockchain, Inc, a Colorado-based Bitcoin mining company, announced Tuesday that its Bitcoin production and mining operations have surged in April.

Riot said that it produced 508 Bitcoins last month, an increase of about 150%, compared to 203 Bitcoins produced in April 2021.

As of April 30, the crypto mining firm stated that it held approximately 6,320 Bitcoins, all produced by the company’s self-mining operations.

Riot further mentioned that last month, it sold 250 Bitcoin generating net proceeds of about $10.0 million.

The firm also disclosed that currently, it has deployed a fleet of approximately 46,375 miners, with a hash rate capacity of 4.7 exahash per second (“EH/s”).

Besides, Riot revealed that last month, it received an additional 5,070 new S19j Pros and deployed approximately 3,456 S19j Pros in its immersion-cooled building. The company said that it expects to receive an additional 7,240 mining machines to deploy in its operating plants. The firm ordered a shipment of 1,702 S19j Pros from Bitmain and is expected to be received this month. After the deployment of the anticipated mining machines, Riot disclosed that it expects to have a total of 55,317 miners deployed with a hash rate capacity of approximately 5.6 EH/s.

In April, Riot disclosed that it continued expanding its 400-megawatt (“MW”) infrastructure project at its Whinstone US, Inc., (“Whinstone”) facility in Rockdale, Texas.

Jason Les, CEO of Riot, talked about the latest satisfactory achievements and said: “April marks yet another incredible milestone for Riot, with the announcement of the Company’s 1 gigawatt (GW) Expansion in Navarro County, Texas. Our ability to source and manage this second significant expansion opportunity in Texas exemplifies the Company’s partnership-driven approach with all stakeholders, including the Company’s business partners, ERCOT, and all levels of government, to commit to sustainable economic development.  We are excited to build upon our demonstrated ability to develop high-quality, large-scale digital infrastructure, leveraging our experienced employee base and opening the doors to new jobs and economic opportunities in Navarro County.”

Despite being founded in 2020, Riot Blockchain has made great success. The crypto mining company’s achievements have been partly contributed by better management, acquisitions of talented teams, and continued expanding and upgrading its mining operations by securing the most efficient miners currently available. Riot is headquartered in Castle Rock, Colorado, and the firm’s mining facility operates out of upstate New York.

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Industrial Bitcoin mining breathes new life into tiny Texan town

by Cointelegraph

Two Bitcoin mining giants are duking it out for cheap electricity in the tiny town in Texas.

Both Bitdeer, a mining firm that spun out from Chinese giant Bitmain, and Riot Blockchain, one of leading publicly traded Bitcoin mining firms in the United States, are operating data centers hosted at a former aluminium smelting facility in the Texan town of Rockdale.

The town’s aluminium smelting plant was previously the world’s largest, until the company that ran it, Alcoa, began winding up operations in 2008. According to Lee Bratcher, president of the Texas Blockchain Council, the facility’s energy capacity was wasted from Alcoa’s departure until the miners set up shop.

Despite Rockdale comprising a tiny rural town of just 5,600 people, it exhibits all the benefits sought after by industrial-scale miners — crypto-friendly politicians, large plots of land hosting abandoned industrial infrastructure rip for repurposing, and dirt-cheap electricity prices thanks to Texas’ deregulated market.

Rockdale Mayor John King describes the relationship between local grid operator, the Electric Reliability Council of Texas (ERCOT), and miners as mutually beneficial. He emphasized that miners regularly consume electricity power that would otherwise be wasted, and they can also shut down operations instantly should power be needed elsewhere. He added:

“Miners are committed to buying a certain amount of power and what they do is they sell it back at market [value] and make a profit. They have a contract of two cents or three cents…and they can sell it for $9 a kilowatt hour.”

As reported by Cointelegraph on Oct. 7, Riot has more than tripled its Bitcoin production this year.

The firm now estimates that the facility is producing more than 500 BTC per month from its facility in Rockdale. At current prices, the mined coins equate to $30 million per month. Riot says the site hosts 100,000 mining rigs.

Related: Crypto cowboys: Texas counties welcome Bitcoin miners with open arms

Texan lawmakers are pushing for a further expansion in the state’s Bitcoin mining embrace, with Senator Ted Cruz describing mining as a means to capture natural gas that the state currently flares.

Speaking during the Oct. 10 Texas Blockchain Summit, Cruz argued that natural gas is currently being flared in West Texas because “there is no transmission equipment to get that natural gas where it could be used the way natural gas would ordinarily be employed.”

“Use that power to mine Bitcoin. Part of the beauty of that is the instant you’re doing it you’re helping the environment enormously because rather than flaring the natural gas you’re putting it to productive use,” he added.