Riot's Bitcoin Mining is Still Being Affected by the Texas December StormTable of Contents
Riot's Bitcoin Mining is Still Being Affected by the Texas December Storm
By CoinUnited.io Research Team
1 min read
One of the world's largest locations for crypto-mining by computer power is the company's 750-megawatt Bitcoin mining operation in Rockdale, Texas. According to an operational update on Monday, Riot said that 17,040 of its 82,656 Bitcoin mining machines were offline due to damage to the facility caused by strong winter storms in late December.
Last week, ice storms slammed Texas, which caused energy prices to skyrocket and forced several local miners to shut down. This is the second weather-related setback to hit the business in as many years; last summer, nearly all large-scale miners in the state unplugged their machinery in response to the record-breaking heat.
The firm, situated in Castle Rock, Colorado, will be unable to meet its computing power goals for the first quarter as a result of the damage.
In the announcement, Riot CEO Jason Les said, "As previously announced, several portions of pipe in Buildings F and G were damaged during the severe winter storms in Texas in late December, affecting roughly 2.5 EH/s of our hash rate capability." For Bitcoin mining operations, hash rate is a measurement of processing power. The organization could hash 9.3 exahash per second as of January 31.
According to the announcement, Riot produced 740 coins in January and sold 700 of them for $13.7 million.
This upgrade arrives only a few days after Chad Everett Harris, Riot's CCO, announced his departure. Prior to the mining firm's 2021 purchase of the Texas operation, Harris oversaw it as its CEO. A document submitted to the government on February 1 confirmed that his dismissal was a no-cause separation.
On Monday, Riot stock dropped by as much as 6.7%.
Last week, ice storms slammed Texas, which caused energy prices to skyrocket and forced several local miners to shut down operations. After nearly all large-scale miners in the state unplugged their machines during an unprecedented heat wave last summer, this is yet another weather-related interruption to hit the business.
The firm, situated in Castle Rock, Colorado, will be unable to meet its computing power goals for the first quarter as a result of the damage.
In the announcement, Riot CEO Jason Les said, "As previously announced, several portions of pipe in Buildings F and G were damaged during the severe winter storms in Texas in late December, affecting roughly 2.5 EH/s of our hash rate capability." For Bitcoin mining operations, hash rate is a measurement of processing power. The organization could hash 9.3 exahash per second as of January 31.
According to the announcement, Riot produced 740 coins in January and sold 700 of them for $13.7 million.
This upgrade arrives only a few days after Chad Everett Harris, Riot's CCO, announced his departure. Prior to the mining firm's 2021 purchase of the Texas operation, Harris oversaw it as its CEO. A document submitted to the government on February 1 confirmed that his dismissal was a no-cause separation.
On Monday, Riot stock dropped by as much as 6.7%.
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