Chad Everett Harris, self proclaimed King of Bitcoin mining, Ashton Harris, his son, Whinstone, Riot. Oh, my!
https://www.riotblockchain.com/investors/news-events/press-releases/detail/138/riot-announces-september-2022-production-and-operations The opinions of others, mistakes may have been made, don’t take this as investment advice:
produced 355 BTC
This is the lowest production since before they took over Whinstone, with the exception of July where RIOT claimed they made a bunch of credits by shutting down miners instead of running them. No such claim was made this month. We get no explanation from RIOT.
sold 300 BTC, generating net proceeds of approximately $6.1 million
In Q2, their monthly mining revenue averaged $15.4M.
Also in Q2, their monthly mining operating costs (excluding depreciation and amortization) were $6M.
They are running more miners now. It seems extremely plausible that this month RIOT has crossed the threshold where they are spending more on electricity than they get back in BTC. I can’t see how that’s not game over.
hash rate capacity of 5.6 exahash per second
355 BTC / 5.6 EH = 63 BTC / EH
It was 78 last month, so their performance has dropped 20% month-over-month somehow. Bitfarms released 122 BTC / EH for the same month, essentially double.
deployed fleet of 55,728 miners … expanded Riot’s total deployed fleet by 9,070 miners
This was the best news in the pack. They finally started to deploy some miners at ok volume.
received 14,755 new S19-series miners
Unfortunately, it’s another month where they receive more than deployed. My best estimate is that this puts them up to 93,407 miners total. They are still at 40% not deployed.
received … the first 10,043 S19 XPs
Zero of the S19XPs are deployed. Despite RIOT tweeting that they were putting them in. Can we trust RIOT at all at this point?
Nothing about Corsicana, announced 6 months ago now and supposed to be operational next summer.
Nothing about improvements from immersion mining overclocking.
Nothing about the S17 miners being refurbished for redeployment.
From my guesses after the last production:
RIOT will deploy fewer than 2,000 new miners in Sep, while receiving more than 10,000.
They deployed 9,070, but I wonder if these are even turned on given the poor mining output. They did receive more than 10,000.
We’ll find out in the Q3 report that they have negotiated to defer delivery of the S19XPs into 2023. Bitfarms announced the same in their Q2 report, in order to preserve capital.
Guess I was wrong on this one if delivery has started. It was still very delayed since it was supposed to start delivery in July.
RIOT will sell more than 100% of their BTC mined in at least one month before the end of the year.
Still hasn’t happened, but I gave this guess until the end of the year for a reason. RIOT does still continue to sell the full BTC mined, rounded down.
Corsicana will never be operational, let alone by next summer.
Behind the Videos, Marketing & Hype – Whinstone, Chad Everett Harris, Riot, and Northern Data
Find the Northern Data — A Shady Bitcoin Mining Host, camouflaging under High Performance Computing/Artificial Intelligence Story article posted here.
Chad Everett Harris, Whinstone US, RIOT Blockchain, sued for $50MM, click here.
Chad Everett Harris, Whinstone, Riot Blockchain, Northern Data AG accused of accounting fraud Read that article here.
Chad Harris defaults on million dollar loan, click here to learn more. Be sure to read the court doc. It’s a hoot, He tries to play the victim. The judge ain’t buying it.
Chad Everett Harris owned this business while defaulting on loans and invoices. Click here to learn more.
Chad Everett Harris is a porn spammer? We believe he did that while sending email like these to the people he owed money to.