- Riot Platforms increased its Bitcoin mining hashrate by 50% in June
- Operational enhancements at Corsicana and Rockdale facilities propelled Riot’s hashrate growth
- Riot exceeded its mid-year hashrate target, mining 255 Bitcoins valued at $15.3 million
- Riot holds 9,334 Bitcoins worth $561.6 million, yet its share price declined by 1.5% to $9.57
Hashrate Boost and Competitiveness
According to Odaily, the US-based Bitcoin mining company Riot Platforms has reportedly increased its mining Hashrate by 50% within a month.
Riot’s Hashrate of 22 EH/s beat out CleanSpark and Core Scientific, and now it’s just behind Marathon Digital’s 31.5 EH/s.
Hashrate is basically the total amount of computing power used to mine transactions on proof-of-work networks like Bitcoin.
This big jump in the company’s mining power shows they’re serious about boosting their operational efficiency and productivity in the competitive Bitcoin mining industry.
In June, the Bitcoin mining firm Riot Platforms increased its deployed hashrate by 50%, enabling it to mine 255 Bitcoin, a near-20% increase from the previous month.
Operational Strategies and Facility Expansions
Riot’s hashrate grew from 14.7 exahashes per second (EH/s) to 22 EH/s over the month after it finished installing miners at its Corsicana facility and started using more capacity at its Rockdale Facility.
Riot Platforms’ decision to ramp up its mining hashrate is a strategic move to boost its Bitcoin production. The company’s increased mining power should lead to a higher yield of Bitcoin, potentially boosting its market share and profitability.
In a July 3rd statement, Riot CEO Jason Les called June a “historic month” because the company exceeded its mid-year deployed hashrate target of 21.4 EH/s.
The miners were mostly energized in the last few days of June. Riot held all Bitcoin it mined in June, bringing its total Bitcoin stash to 9,334 — worth $561.6 million at current prices.
Strategic Vision and Future Growth Plans
The 255 Bitcoin, valued at $15.3 million, experienced a 45% decline year-on-year due to the halving event, which reduced the block subsidy by 50% on April 20. This move shows that Riot Platforms is serious about strengthening its position in the Bitcoin mining sector.
Riot is now the second largest Bitcoin miner by hashrate, just behind CleanSpark and Core Scientific, which have also reported hashrates above 20 EH/s.
Riot says it’s on track to boost its total self-mining hashrate capacity to 31.5 EH/s by the end of 2024. It’s aiming for 100 EH/s by 2027 or shortly after, which is contingent upon the company’s ability to exercise its option to purchase additional MicroBTs in the future.
Financial Insights and Market Position
On Wednesday, Riot’s (RIOT) share price declined by 1.5% to $9.57, as indicated by Google Finance data. It’s down 37.9% so far in 2024 and 28.3% over the last 12 months.
