Riot, a Texas-based Bitcoin mining firm on October 4, revealed its BTC holdings, sales, and profits in its unaudited production and operational updates for the month of September. As per the report, Riot produced 355 Bitcoin in September 2022.
In comparison to September 2021, when Riot produced 406 BTC, the report states that its 355 BTC production of September 2022 marks a 13% decline.
However, production from last month increased the company’s total holdings to 6,775 BTC, which are worth over $135 million at the current price of Bitcoin.
Riot sold 300 out of the 355 BTC it generated in the previous month, for a total net profit of almost $6.1 million.
The firm has deployed 9,070 new miners since the start of September, and has awaited plans to deploy another 6,900 miners.
Once all the miners get installed, the company’s total capacity would increase to over 62,000 miners with a hash rate capacity of around 6.4 EH/s.
In the first quarter of 2023, the firm’s harsh rate capacity is anticipated to reach 12.5 EH/s, which is currently at around 5.6 EH/s. Riot stated that it expects to install more than 115,000 miners.
The NASDAQ-listed company’s shares increased 5.7% in pre-market trading on October 4, continuing with a monthly gain of 8.45%.
After establishing its unit in Texas’s Milam County, in 2020, the company has become a model for the crypto mining sector in the United States.
As per the Texas Tribune report, Riot’s huge mining plant has brought hundreds of new jobs to the area and increased the local tax base by millions of dollars.
The county provided Riot with a 45% discount on local taxes for 10 years as an incentive for the business to remain in the area.
It turned out to be advantageous for the whole state of Texas to have a major energy consumer like Riot in the vicinity. Riot reduced its energy use in July to make more power available to ERCOT, which provides electricity to 25 million Texans.
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