Riot Blockchain Starts Moving Its Operations To a Facility In Texas
Riot Blockchain, one of the largest bitcoin miners in the US, has started moving its bitcoin mining installations from a hosting in New York to its own facility in Texas to cut costs.
Riot expects to move from the Coinmint facility in Massena, New York, to the Whinstone miner in Rockdale, Texas, to reduce energy costs and eliminate third-party hosting fees, it said in a statement on Wednesday. About 5,700 Riot bitcoin mining rigs are offline, and the rest of its fleet is likely to be shipped in July.
Bit Digital said it signed a contract with Riot on June 9 to exchange its brand new machines for Riot operating machines in Massena. Bit Digital's hashrate has fallen since it moved its operations out of China after a crackdown last year. Riot also said it received 1,273 Antminer S19j Pro machines from manufacturer Bitmain in June, deployed another 4,676 in its immersion-cooled buildings, and has another 6,324 "to deploy." Riot expects another 6333 S19j to arrive this month.
The area has been a limiting factor for bitcoin miners in recent months, as facilities have been filled up and new construction postponed. Riot is working on expanding the capacity of the Whinstone facility by 400 megawatts (MW), which will bring it to 750 MW. This will make it the largest cryptominer in the US. Riot, however, has lowered its hashrate expectations by a year to 12.5 exahashes per second (EH/s). The downgrade follows the June downgrade of the forecast, when it was said that 12.6 EH/s was expected by January 2023, which is lower than May's forecast of 12.8 EH/s. The miner produced 421 bitcoins in June compared to 466 BTC in May, the statement said.
This is the fourth month in a row when Riot Blockchain sells bitcoin, and the sales bring diminishing returns. In June, he raised about $6.2 million by selling 300 bitcoins compared to May's $7.5 million from the sale of 250 bitcoins. Previously, the company was engaged in the production of bitcoins. Riot continues to take a "long-term view of its bitcoin holdings and believes that it is in the interests of shareholders to have strong bitcoin holdings," it said in a statement on Wednesday.
https://coin-signal.com/cryptonews/riot-blockchain-starts-moving-its-operations-to-a-facility-in-texas/
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