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Riot Platforms Reports 19% Decrease in Bitcoin Production in August Compared to July

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Riot Platforms Reports 19% Decrease in Bitcoin Production in August Compared to July
Bitcoin mining farm. IT hardware.

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Riot Platforms (NASDAQ:RIOT) experienced a decline in bitcoin mining production during August. The company mined 333 bitcoins, a decrease from the 410 produced in July and the 374 generated in the same month last year, according to its announcement on Wednesday.

The deployed hash rate of Riot Platforms remained stable at 10.7 exahashes per second (EH/s), unchanged from the previous month but significantly higher than the 4.8 EH/s recorded a year ago.

Riot Platforms aims to achieve a total self-mining hash rate of 12.5 EH/s at its Rockdale Facility by the end of this year. The facility is currently undergoing repairs following a severe winter storm in Texas in 2020.

Furthermore, Riot Platforms expects its total self-mining hash rate to reach 20.1 EH/s by mid-2024 upon the full deployment of an initial order of 7.6 EH/s of bitcoin miners from MicroBT for its Corsicana Facility.

In addition, the company sold 300 BTC tokens last month at an average net price of $28,617, resulting in net proceeds of $8.6 million.

Notably, Riot Platforms reported a new monthly record for Power and Demand Response Credit at $31.7 million, surpassing the total credit received in 2022. According to Riot CEO Jason Les, these credits greatly reduce the company’s cost of mining Bitcoin.