Analysis Crypto by Thebittimes.Com

The Bitcoin network experienced a brief downtime, in which a block wasn’t produced for approximately an hour on Nov. 7, raising concerns about network reliability.  This marks the third such incident in 2023, with previous delays observed in May.  One of many incidents According to data obtained from Blockchain Explorer, block 815,689 required almost 43 minutes to be produced, followed by the subsequent block 815,690, which took 66 minutes to complete. This extended duration is significantly higher than the typical average block time on the Bitcoin network, which usually hovers around 10 minutes. Bitcoin Blocks List | Source: WuBlockchain Chinese reporter Colin Wu highlighted that the year 2021 also witnessed two notable episodes of block production interruptions, each lasting nearly two hours. A time between blocks of 85 minutes happens every 34 days or so (assuming no difficulty changes, etc) >>> (1/math.exp(-85/10))/144 34.13033916874399 ...

As Texas baked in the sun, Riot Platforms received two types of monetary credit for being attentive to the grid’s power needs. Bitcoin miner Riot Platforms mined fewer Bitcoin in August than July but received over $31 million in power credits. That is the equivalent of around 1,136 Bitcoin (BTC), CEO Jason Les pointed out in a statement. Riot received an estimated $24.2 million in power curtailment credits under its contract with Texas grid operator Electric Reliability Council of Texas (ERCOT) and $7.4 million from ERCOT’s demand response program. Those monthly credits are greater than the credits the company received for all of 2022, Les said. Riot Platforms mining statistics for August. Source: Riot Platforms According to a presentation released by Riot on Sept. 6, the company’s power strategy is based on three mechanisms, and all depend on its long-term ERCOT contract. Power credits are received when the company curtails operations and returns power to ERCOT when the price of el...

Bitcoin miner Riot has unveiled its financial results for Q2 2023, reporting a total revenue of $76.7 million. The results highlight the company’s resilience in a fluctuating market, with a 27% increase in Bitcoin production contributing significantly to its success. Riot has reduced the average cost of mining Bitcoin to $8,389, down from $11,316 in the same quarter last year. This reduction comes despite a lower average Bitcoin price of $28,024 in Q2 2023, compared to $33,083 in Q2 2022. You might also like: Riot stock falls by more than 60% over past year, company makes changes Riot’s partnership with Midas Immersion aims to make Riot’s Corsicana Facility the largest and most advanced immersion cooling deployment for Bitcoin mining worldwide. Additionally, Riot announced a long-term purchase agreement with MicroBT, securing 33,280 next-generation miners with an option to purchase another 66,560. These acquisitions are expected to add 7.6 EH/s by mid-2...