Riot Blockchain sees a drop in July bitcoin production amid reduced power consumption

Riot Blockchain (NASDAQ:RIOT) produced 318 BTC in July 2022 (-28% Y/Y) while significantly reducing overall power costs through effective employment of its proprietary power strategy.On a M/M basis, the company reported a 24.5% drop in produced bitcoins.The company's power consumption reduced BTC production by an estimated 21% in July, but also significantly reduced Riot’s power costs for the month.Riot earned an estimated $9.5M in power credits as a result of curtailment activity, to be credited against its power invoices; $9.5M in power credits equates to ~439 BTC, computed by using the July 2022 average BTC price of $21,634.As of July 31, 2022, Riot held ~6,696 BTC; in July 2022, Riot sold 275 BTC, generating net proceeds of ~$5.6M.Currently, Riot has a deployed fleet of 40,311 miners, with a hash rate capacity of 4.2 EH/s.Since its last month update, the company received an additional 9,316 new S19j Pros and deployed 4,320 S19j Pros in its immersion-cooled buildings, with an additional 7.2K miners staged for deployment.Additionally, shipments of 9,316 S19j Pros have been initiated out of Bitmain Technologies and are expected to be received during August 2022.After deployment of the staged miners, the company expects to have a total of 47,511 miners deployed with a hash rate capacity of ~4.9 EH/s.By Q1 2023, Riot expects a total self-mining hash rate capacity of 12.5 EH/s, assuming full deployment of ~115,450 Antminer ASICs...