Riot Nets $7.3M Power Credits in First Month Post Bitcoin Halving

Texas bitcoin mining firm Riot Platforms (NASDAQ: RIOT) received $7.3 million in power credits in May, the first full month after bitcoin’s fourth halving, the company said on Tuesday.

Riot reported in the latest monthly production update that it mined 215 BTC in May with an average hashrate of 8.8 EH/s, which accounted for only 60% of its installed hashrate of 14.7 EH/s.

However, Riot said it received $7.3 million in energy credits resulting from power curtailment and its participation in the local grid operator’s demand and response program. Based on bitcoin’s average price of $65,266 last month, the power credits would be worth 112 BTC equivalent.

This implies a total bitcoin and bitcoin equivalent production of 327 BTC from Riot’s utilization of proprietary hashrate. As a result, Riot’s realized proprietary hashrate jumped to 13.25 EH/s in May, representing 90% of its installed mining fleet.

That means Riot could have mined more bitcoin and bitcoin equivalent in May if it were able to increase the operating hashrate to its full capacity, even with bitcoin’s reduced block subsidies following the halving in April.