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Seeking Alpha 2023-02-06 14:42:27

Riot Platforms generates 12% more bitcoins M/M in January

Riot Platforms ( NASDAQ: RIOT ) produced 740 bitcoins ( BTC-USD ) in January, up 12.3% from December 2022 and 62% higher from the year-ago period, it said Monday. Still, the company, formerly known as Riot Blockchain, experienced a reduction in its deployed mining fleet and hash rate capacity driven by recent damage to Buildings F and G of its Texas-based Rockdale facility from severe winter weather. "Repairs have been ongoing in both buildings," said Riot CEO Jason Les, "and we have successfully brought Building F back online, representing 0.6 EH/s of impacted hash rate capacity." As a result of the damage, RIOT's previously announced hash rate goal of 12.5 exahashes per second for Q1 2023 is now expected to be delayed. It expects to have a total of 83,808 miners deployed (which excludes 17,040 miners currently offline in Building G) with a hash rate capacity of approximately 9.4 EH/s. That's down from the 9.9 EH/s estimated in the prior month. As of Jan. 31, RIOT had a deployed fleet of 82,656 miners, with a hash rate capacity of 9.3 EH/s. It held ~6,978 of self-mined BTC. The miner also sold 700 bitcoins ( BTC-USD ) during the month, generating net proceeds of around $13.7M. RIOT dipped 2.1% in morning trading, coinciding with bitcoin's ( BTC-USD ) 1.5% slump to $22.82K. Last week, (Feb. 1) Riot Platforms' chief commercial officer departed.

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