Bitcoin

In a recent update, <a href="https://ultramining.com/news/en/riot-platforms-to-boost-efficiency-with-midas-immersion-coolings/">Riot</a> Platforms, a frontrunner in Bitcoin mining and data center <a href="https://ultramining.com/news/en/bitcoin-mining-reshaping-landscape-amid-global-interest-surge/">hosting</a>, <a href="https://www.riotplatforms.com/news-media/press-releases/detail/159/riot-announces-august-2023-production-and-operations-updates">revealed</a> its remarkable performance for August 2023. Despite a slight dip in Bitcoin <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/">production</a> compared to previous months, the company managed to maintain a robust portfolio, holding 7,309 Bitcoins as of the end of August. 
Remarkably, <a href="https://ultramining.com/news/en/riot-platforms-to-boost-efficiency-with-midas-immersion-coolings/">Riot</a> set a new record in Power and Demand Response Credits, amassing a staggering $31.7 million in August alone. This achievement eclipses the total credits received in 2022, translating to approximately 1,136 Bitcoins. Consequently, these credits have significantly reduced Riot's Bitcoin mining costs, positioning them as one of the industry's lowest-cost producers. 
CEO Jason Les emphasized the pivotal role of Riot's power strategy in this success. This strategy, coupled with a strong financial position and an efficient miner fleet, sets Riot on a promising trajectory ahead of the anticipated Bitcoin '<a href="https://ultramining.com/news/en/heat-waves-and-halving-bitcoin-miners-cash-in-amid-rising-prices/">halving</a>' event next year. 
Furthermore, Riot is making strides in expanding its operations. The company is on track to reach a <a href="https://ultramining.com/news/en/riot-battles-texas-heat-to-produce-410-btc-and-stabilize-energy-grid/">self-mining</a> <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/">hash rate</a> capacity of 12.5 EH/s by the end of 2023. A fruitful partnership with <a href="https://ultramining.com/news/en/samsungs-3nm-tech-powers-microbts-crypto-miner-marking-commercial-leap-for-gaa-process/">MicroBT</a> is set to further boost this capacity to an impressive 20.1 EH/s by mid-2024. 
In August, <a href="https://ultramining.com/news/en/texas-residents-challenge-bitcoin-mining-industrys-impact-on-power-grid-and-communities/">Texas</a> grappled with extreme heat, pushing the demand for <a href="https://ultramining.com/news/en/crypto-mining-with-flare-gas-a-green-solution-or-environmental-setback/">electricity</a> to near-total supply levels. Riot responded adeptly, curtailing over 95% of its power usage during peak demand periods. This move not only alleviated the strain on the ERCOT grid but also prevented potential service interruptions for consumers. 
On the legal front, Riot secured a significant victory when the New Jersey District Court dismissed a shareholder class action against them on August 25, 2023. This outcome underscores Riot's determined and aggressive approach in legal matters. 
As Riot continues to flourish, it is actively seeking to expand its team. A range of positions across the company are open, inviting potential candidates to contribute to Riot's mission of fostering the Bitcoin network. 
Subscribe to our Telegram <a href="https://t.me/ultraminingcom">channel</a>! Only the most interesting stuff there

Riot Platforms Shatters Records with Innovative Power Strategy

Ultramining_Eng

Other articles published on Sep 6, 2023

Crypto millionaires number exceeds 88k, report reveals

Oasys and double jump.tokyo team up for Web3 and blockchain game exhibit at Tokyo Game Show 2023

Algorand Crypto fell 11%; Will the Downfall Continue In ALGO?

XRP Price Quest for $1: Open Interest Surges by $8 Million

Justin Bieber hit track becomes NFT for royalty-sharing

Japan’s FSA Proposes Tax Exemption for Unrealized Crypto Gains

Join our free newsletter for daily crypto updates!