Riot Blockchain dumps New York, moving its miners to Texas

Bitcoin miner Riot Blockchain, among the largest in the US bitcoin mining space, is moving its miners from New York to Texas.

The move comes as the Bitcoin miner looks to cut costs associated with having its mining rigs hosted at a third party site, Riot said in an update.

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Per the company, all of its miners at the Coinmint facility in New York will now be relocated to the Whinstone facility, which the company owns and is located in Rockdale, Texas.

Riot revealed the shipment and redeployment of its miners from the Coinmint facility in an update on its production and operations for June. It noted that roughly 5,700 mining rigs were offline due to the relocation, with the rest of its rigs expected to ship to Texas in July.

The miner’s fleet of deployed rigs currently stands at 42,455, combining for 4.4 exahashes per second (EH/s) in hash rate.

Riot mined 421 bitcoins in June

Riot Blockchain reported its mining effort produced 421 BTC in June, slightly down on its production of 466 BTC in May. However, last month’s inflows were 73% higher than what it mined in June 2021 (a year ago in June, Riot mined 243 bitcoins).

As the crypto winter bit the broader market, Riot sold some of its holdings to cover various costs and other financial obligations. Having sold 250 BTC in May, the company offloaded another 300 BTC in June for $6.2 million. 

After the sale, and as per data available on June 30, 2022, the Riot Blockchain bitcoin holdings was approximately 6,654 BTC.