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The relocation of rigs from New York to Texas was part of Riot's initiative to cut the company's operational expenditures through lower power prices and eliminating "all third-party hosting fees."
Riot Blockchain said it has begun transferring crypto mining equipment from its New York data center, with the bulk destined for central Texas.
Riot announced on Wednesday that it has moved some of its mining rigs from the Coinmint facility in Massena, New York, to reduce the company's operating expenses through lower power costs and the elimination of "all third-party hosting fees." In July, the remaining S19 miners will be shipped to Riot's Whinstone facility in Rockdale, Texas.
Temperatures in several regions of Texas have surpassed 100 degrees Fahrenheit, and the need for electricity to operate air conditioners to keep citizens cool has increased. Electric Reliability Council of Texas, or ERCOT, the state’s principal energy supplier, forecasted that rates for its southern hub — including Riot’s project in Rockdale — would peak at $95.94 per MW-hour within the following 24 hours. However, other data imply that wind and solar energy generation have helped to lower prices despite rising energy consumption.
Riot’s activities in Texas included preparations for the state’s heat wave. The business claimed the construction of two air-cooled structures, one of which is complete and in which “first miner deployments had commenced” while the firm completed electrical work.
CEO Jason Les stated that the company would reduce its energy use throughout the summer as part of an ERCOT initiative to reduce strain on the Texas power system. Cointelegraph claimed in February that Riot shut down 99 percent of its activities in the state in advance of a likely catastrophic winter storm demanding significant energy needs; in February 2021, cold temperatures and heavy snowfall caused several areas of the state to lose power for days.
The cryptocurrency mining company reported producing 421 Bitcoin (BTC) in June but selling 300 Bitcoin for $6.2 million, leaving Riot with around 6,654 coins as of Thursday. The firm stated having 42,455 miners in its fleet with a hash rate of 4.4 exahashes per second (EH/s) but intended to add 115,450 Antminer rigs by January 2023 to increase its capacity to 12.5 EH/s.