• Riot Blockchain had its best month in January, extracting 740 BTC units from the blockchain.
• Crypto mining is becoming increasingly difficult due to inflation and bearish sentiment in the space.
• Despite facing damage from storms and harsh weather, Riot was able to set a new record and remains optimistic.
Riot Blockchain Sees Its Best Month Yet
Riot Blockchain – one of the world’s leading crypto mining facilities – reported that January was its most productive month yet, with 740 BTC units extracted from the blockchain. This good news comes at a time when many miners are struggling due to rising energy costs and bearish sentiment in the crypto space.
How Crypto Mining Has Become More Difficult
The crypto arena has seen a lot of trouble over the past year, with all assets losing more than $2 trillion in valuation over 12 months and bitcoin alone falling by more than 70 percent from its all-time high of around $68,000 per unit into the mid-$16K range. Inflation has caused energy prices to skyrocket, making it difficult for miners to extract rewards that outweigh their costs.
Riot Facing Setbacks
Riot has also suffered setbacks recently, including having to temporarily shut their facility down due to damage caused by heavy storms and harsh weather in Texas where they are located. As a result of this damage, their previously announced target of reaching 12.5 EH/s in total hash rate capacity during Q1 2023 is expected to be delayed.
Striking Back Against Difficulties
Despite these difficulties however, Riot still managed to pull off their record-high extraction number last month – something CEO Jason Les attributes to the hard work of their team despite trying conditions: „We are thankful for our team’s progress,“ he said, „and are evaluating several options“.
Hope for Miners Everywhere
This situation gives hope not only for Riot but for miners everywhere who have been struggling against tough odds lately; it serves as a reminder that even when things seem bleakest there can still be moments of success and growth within cryptocurrency mining industry if one perseveres through challenging times.