• Riot Blockchain – one of the largest crypto mining facilities in the world – reported that January was its best month to date in terms of crypto extraction.
• Mining has become much harder due to bearish sentiment and high energy prices.
• Despite a temporary shutdown, Riot was still able to set a record-high number for BTC extraction.
Riot Blockchain Experiences Best Month Ever
Riot Blockchain – one of the most recognized crypto mining facilities in the world – had its best month ever last January, managing to pull 740 BTC units from the blockchain. This is great news for miners everywhere, as mining has become increasingly difficult due to bearish sentiment and rising energy prices.
Mining Becoming Harder
The space saw significant losses throughout 2022, with all assets losing more than $2 trillion in valuation over 12 months. Bitcoin alone lost more than 70 percent of its value, dropping from an all-time high of around $68,000 into the mid-$16K range. Furthermore, energy prices are skyrocketing which means miners are paying more to extract with fewer rewards.
Riot Forced To Shut Down Temporarily
Riot Blockchain had recently suffered damage due to heavy storms and harsh weather conditions in Texas, where their facility is situated. As a result, they were forced to temporarily shut down and their target of reaching 12.5 EH/s hash rate capacity for Q1 2023 is expected to be delayed.
Record High Number Despite Setbacks
Despite these setbacks however, Riot was still able to set a record-high number for BTC extraction two months ago.. Jason Les – CEO of Riot – expressed his gratitude towards their team’s progress despite difficult weather conditions and mentioned that they were evaluating several options moving forward.
This situation gives hope to miners everywhere that the space isn’t dead yet and that it’s possible for them to achieve success despite difficult circumstances such as high energy costs and bearish sentiment within the market overall.