Coming to Texas: Riot Blockchain announces plans to move NY miners to Lone Star State

Coming to Texas: Riot Blockchain announces plans to move NY miners to Lone Star State
Mining & Staking
Like? Do Rank It! Likes

Crypto mining firm Riot Blockchain said it has begun relocating rigs from its New York data facility, with the majority intended to end up in central Texas.

In a Wednesday announcement, Riot said it has transitioned some of its mining rigs from a Massena, New York facility — named Coinmint — as part of an effort to reduce the firm’s operating expenses through lower power costs and eliminate “all third-party hosting fees.” The company said it planned to “ship the balance of its S19 miner fleet” at Coinmint to Riot’s Whinstone facility in Rockdale, Texas in July.

The move comes amid many parts of Texas experiencing temperatures over 100 degrees Fahrenheit, and power demands rising for air conditioners to keep residents cool. Data from the state’s primary energy provider, the Electric Reliability Council of Texas, or ERCOT, forecast that prices for its southern hub — which would include Riot’s facility in Rockdale — would peak at $95.94 per MW-hour over the next 24 hours. However, some reports suggest that energy production from wind and solar has helped to reduce costs amid increasing power demands.

Riot’s operations in Texas seemingly included preparations for the state’s heat wave. The company reported the construction of two air-cooled buildings in progress, one completed, and another in which “initial miner deployments have begun” as the firm finished some electrical work.

CEO Jason Les said the firm would curtail its energy consumption this summer as part of an ERCOT program aimed at addressing demand on Texas’ power grid. Cointelegraph reported in February that Riot shut down 99% of its operations in the state in anticipation of a possible severe winter storm requiring high energy demands — low temperatures and heavy snowfall were behind many parts of the state being without power for days in February 2021.

Related: City of Fort Worth votes in favor of Bitcoin mining program

The crypto mining firm reported it had produced 421 Bitcoin () in June but sold 300 BTC for $6.2 million, leaving Riot holding roughly 6,654 coins as of Thursday. The company reported there were 42,455 miners in its fleet producing a hash rate of 4.4 exahashes per second (EH/s), but planned to have a capacity of 12.5 EH/s following the deployment of 115,450 Antminer rigs by January 2023.

Crypto Daily - Crypto And Financial News 11/08/2022 Ripple Buying Celsius?
japan eu eth/usd
5 hours ago

In Todays Headline TV CryptoDaily News: BitPay partners Cardlytics for cash back rewards. BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, added a reward program to its BitPay Prepaid Card. Cardlytics, a cash-back rewards platform, is managing the rewards where the BitPay cardholder automatically receives cash back on purchases. Hackers have stolen $1.4 billion this year using crypto bridges. Crypto bridges, which link blockchain networks together, have become major targets for cybercriminals. A total of around $1.4 billion has been lost to breaches on cross-chain bridges this year, according to figures from blockchain analytics firm Chainalysis. Ripple Labs 'interested' in bankrupt crypto lender Celsius' assets. San Francisco-based blockchain payments company Ripple Labs Inc is interested in potentially purchasing assets of bankrupt crypto lender Celsius Network, according to a company spokesperson. BTC/USD exploded 2.9% in the last session. The Bitcoin-Dollar pair exploded 2.9% in the last session. The Stochastic indicator is giving a negative signal. Support is at 22289.6667 and resistance at 24337.6667. The Stochastic indicator is giving a negative signal. ETH/USD skyrocketed 7.5% in the last session. The Ethereum-Dollar pair skyrocketed 7.5% in the last session. According to the CCI, we are in an overbought market. Support is at 1599.2733 and resistance at 1841.3733. The CCI points to an overbought market. XRP/USD skyrocketed 2.6% in the last session. The Ripple-Dollar pair skyrocketed 2.6% in the last session. The MACD is giving a negative signal. Support is at 0.3499 and resistance at 0.3887. The MACD is currently in negative territory. LTC/USD skyrocketed 4.3% in the last session. The Litecoin-Dollar pair gained 4.3% in the last session after rising as much as 5.2% during the session. The Stochastic-RSI is giving a negative signal. Support is at 55.5833 and resistance at 64.6433. The Stochastic-RSI is currently in negative territory. Daily Economic Calendar: IE Consumer Price Index The Consumer Price Index is a measure of price movements made by comparing the retail prices of a representative shopping basket of goods and services. The Irish Consumer Price Index will be released at 10:00 GMT, Japan's Foreign Investment in Japan Stocks at 23:50 GMT, the US Continuing Jobless Claims at 12:30 GMT. JP Foreign Investment in Japanese Stocks Securities investment referrers to bonds issued in a domestic market by a foreign entity in the domestic market’s currency. US Continuing Jobless Claims The Counting Jobless Claims measure the number of individuals who are unemployed and are currently receiving unemployment benefits. JP Foreign Bond Investment The Foreign Bond Investment refers to bonds issued in a domestic market by a foreign entity in the domestic market’s currency. Japan's Foreign Bond Investment will be released at 23:50 GMT, the US Initial Jobless Claims at 12:30 GMT, the Irish HICP at 10:00 GMT. US Initial Jobless Claims The Initial Jobless Claims is a measure of the number of people filing first-time claims for state unemployment insurance. IE HICP The HICP is a measure of price movements or inflation harmonized across EU Member States. It is similar to the national Consumer Price Indices (CPI). Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

BlackRock announces the launch of a new private spot Bitcoin trust
19 hours ago

The move comes one week after its partnership with Coinbase to provide institutional clients with crypto trading access.