Riot Platforms, Inc. recently reported its June 2023 Bitcoin mining performance, revealing that it produced 460 Bitcoin while executing an effective power strategy.
The mining firm produced 40% fewer Bitcoin in June, mining just 460 BTC compared to 757 BTC in May.
| Metric | June 2023 | May 2023 | June 2022 | Month/Month | Year/Year |
|---|---|---|---|---|---|
| Bitcoin Produced | 460 | 676 | 421 | -32% | 9% |
| Average Bitcoin Produced per Day | 15.3 | 21.8 | 14.0 | -30% | 9% |
| Bitcoin Held | 7,250 | 7,190 | 6,654 | 1% | 9% |
| Bitcoin Sold | 400 | 600 | 300 | -33% | 33% |
| Bitcoin Sales – Net Proceeds | $10.6 million | $16.5 million | $6.2 million | -36% | 71% |
| Average Net Price per Bitcoin Sold | $26,456 | $27,568 | $20,627 | -4% | 28% |
| Deployed Hash Rate | 10.7 EH/s | 10.5 EH/s | 4.4 EH/s | 2% | 143% |
| Deployed Miners | 95,904 | 94,176 | 42,455 | 2% | 126% |
| Power Sales | $8.4 million | $0.5 million | $1.9 million | 1,452% | 338% |
| Demand Response Revenue | $1.6 million | $2.3 million | $0.7 million | -29% | 137% |
Source: Riot
Despite the drop in sales, Riot was able to leverage its power strategy to generate substantial revenue equivalent to $10 million in revenue. As a result, the combined power sales and demand response revenue equated to an equivalent of a “361 BTC” increase based on the average price of Bitcoin during the month.
Jason Les, CEO of Riot, commented,
“June was a momentous month for Riot, as the results from our mining operations, power strategy and growth plans have all come together.
We announced an initial order of 33,280 MicroBT miners for our Corsicana Facility, which is expected to add 7.6 EH/s to our self-mining fleet and also provides optionality for future orders at the same terms.”
The additional MicroBT miners would increase Riot’s hash rate by 71%, given the current reported figure of 10.7 EH/s.
Bitcoin miners are selling BTC.
The news comes as other U.S. miners looked to capitalize on BTC’s recent price surge to secure profits. In June, BTC mostly traded above $25,000, peaking at $30,750.
According to Glassnode data analyzed by CryptoSlate, Bitcoin miners sold a notable amount of their mined Bitcoin in June to fund their operations. Data shows that Bitcoin miners’ exchange flow peaked at 4,710 BTC on June 20, marking the highest rate in the past five years.
| MINER | BITCOIN PRODUCED | BITCOIN SOLD | PERCENTAGE SOLD | BTC HOLDINGS | TOTAL HOLDINGS SOLD |
|---|---|---|---|---|---|
| Riot | 460 BTC | 400 BTC | 87% | 7,250 BTC | 5.52% |
| Marathon Digital | 979 BTC | 700 BTC | 71.5% | 12,538 BTC | 5.58% |
| Hut 8 | 70 BTC | 217 BTC | 310%* | 9,136 BTC | 2.38% |
| Cleanspark | 491 BTC | 413 BTC | 84% | 529 BTC | 78.07% |
June BTC Miner Activity
*(Based on June Production)
Comparatively, Riot sold fewer Bitcoins monthly as the company reported a sale of 400 Bitcoins…
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