Riot Blockchain, a US-based cryptocurrency miner, achieved a new monthly all-time high in January 2023 by producing 740 BTC, a 62% increase compared to January 2022. Despite the winter storms in Texas damaging the Rockdale Facility, the company was able to bring Building F back online and is currently evaluating options to bring the remaining 1.9 EH/s of hash rate capacity back online. Riot used the recent price surge of bitcoin to sell 700 BTC for around $13.7 million, leaving them with 6,978 BTC worth over $160 million. The company is also expanding its team despite the ongoing dismissal spree in the sector, with major players such as Coinbase, Bybit, Kraken, and Gemini laying off employees.
Riot’s downfall in 2022 began in July when it mined only 318 BTC due to the extreme heat wave in Texas, with temperatures reaching above 40 degrees Celsius. This, combined with the rising electricity costs and the cryptocurrency market crash in Q3 2022, resulted in a quarterly net loss of over $36 million and a 28% decrease in revenue. Despite these setbacks, Riot Blockchain was able to bounce back in January 2023 and is now looking to reach 12.5 EH/s in total hash rate capacity in Q1 2023.
