Riot Platforms: Record Bitcoin Production and Strategic Partnerships

Riot Platforms, Inc., a Bitcoin mining industry leader, produced a record 676 Bitcoin in May 2023. This marked a 45% increase from the same period last year. The company saw steady and consistent production, with an average of 21.8 Bitcoin produced daily.

Interestingly, Riot also generated $2.4 million in revenue from participation in the Electric Reliability Council of Texas (ERCOT)’s Demand Response programs. The company’s unique power strategy, supported by its long-term fixed rate power contracts, made this achievement possible.

By the end of May, Riot had approximately 800 miners ready for deployment. This would bring the total deployed miners to 94,976 with a hash rate capacity of approximately 10.6 Exahash per second (EH/s). Notably, this figure excludes 17,040 miners currently offline due to weather-related damage in Texas.

Despite the setbacks, Riot anticipates achieving a self-mining hash rate capacity of 12.5 EH/s in the second half of 2023. This prediction accounts for ongoing damage repairs in its Texas facilities.

Furthermore, Riot joined the Texas A&M University Blockchain and Energy Research Consortium (BERC). Riot’s VP of Research, Pierre Rochard, will sit on BERC’s board to advise on research projects. This collaboration is expected to foster the integration of Bitcoin and the energy industry, promote research advancements, and enhance student career development.

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