Bitcoin miner Riot expects growth delay due to December storm damages

Quick Take

  • The company said it expects there to be a delay in meeting the hashrate growth guidance for the first quarter.
  • It mined 740 bitcoins in January, a 12% month-over-month increase.

Bitcoin miner Riot said there will be a delay in meeting its first quarter hashrate guidance of 12.5 EH/s due to damage from the winter storm that hit the U.S. in December and knocked miners offline.

In January, it mined 740 bitcoins, 12% more than in the previous month when it curtailed power due to the storm.

Of the 2.5 EH/s affected by damage to piping in two buildings, a total of 0.6 EH/s has been brought back online with 1.9 EH/s remaining.

"The company is evaluating its repair options and will provide additional information on deployment timelines as it becomes available," Riot said in a statement.

The miner sold 700 BTC in January as the coin rallied, bringing in $13.7 million. Rival Marathon, which typically holds all of its bitcoin, sold 1,500 last month.

Riot had a hash rate capacity of 9.3 EH/s as of Jan. 31, with 82,656 miners deployed.

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