• Riot Blockchain – one of the largest and most recognized crypto mining facilities in the world – reported that January was its best month to date in terms of crypto extraction.
• Mining has taken a real hit due to inflation, energy prices skyrocketing, and bitcoin hitting recent lows.
• Despite damage from heavy storms and harsh weather, Riot Blockchain was still able to set a new record for extracting 740 BTC units from the blockchain.
Riot Blockchain Reports its Best Month
Riot Blockchain, one of the largest crypto mining facilities in the world, reported that January was its best month ever in terms of crypto extraction. The company managed to pull as many as 740 BTC units from the blockchain two months ago, their highest number ever.
Mining Becomes More Difficult
Since mid-2022, reports have suggested that mining has become much harder given the bearish sentiment of the space. 2022 saw an overall drop in all assets resulting in a loss of more than $2 trillion in valuation over 12 months with bitcoin taking a 70 percent plunge from its mid-November 2021 high into the mid-$16K range. This caused mining costs to outweigh asset scopes leading many miners to pay more for their rewards than receive them.
Riot Suffers Setbacks
Despite this success story, Riot has also been forced to shut down temporarily due to damage caused by heavy storms and harsh weather conditions in Texas where they are situated. Due to this setback, CEO Jason Les announced that they are expected to delay their target of reaching 12.5 EH/s hash rate capacity by Q1 2023.
Record Results Despite Setback
Nevertheless, Riot was still able to set a record despite such trouble and Les commented on their progress: “We are thankful for our team’s progress despite difficult weather conditions” and mentioned they were evaluating several options going forward regarding their future plans.
Hope for Miners Everywhere
This is good news giving hope not only for Riot but also miners everywhere that even though mining has become increasingly difficult due to recent market trends there is still potential profit out there if done correctly.