Crypto mining company Riot Blockchain announced that it has begun relocating rigs from its New York data facility to Texas.
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.
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, 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 where initial miner deployments have begun as the firm finished some electrical work. 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.
