🚀🚀Riot Platforms' Bitcoin Hashrate Increased By 50% in June

Riot Platforms, a major #Bitcoin mining company, saw a significant 50% increase in its hashrate in June, jumping from 14.7 EH/s to 22 EH/s. This boost led to mining 255 bitcoins, a 20% increase from May.

The hashrate surge came from completed miner installations at Riot's Corsicana facility and increased capacity utilization at Rockdale. CEO Jason Les called June a "historic month" as they exceeded their mid-year hashrate target of 21.4 EH/s.

Riot continues to hold all mined bitcoins, with their total stockpile reaching 9,334 #BTC☀ valued at $561.6 million at current prices. However, the number of bitcoins mined in June fell 45% year-over-year due to the April halving event.

With this increase, Riot has become the second-largest bitcoin miner by hashrate, surpassing CleanSpark and Core Scientific. They now trail only Marathon Digital, which boasts a hashrate of 31.5 EH/s.

Riot has ambitious plans for further growth. They aim to increase their total self-mining hashrate capacity to 31.5 EH/s by the end of 2024 and potentially reach 100 EH/s by 2027 or soon after.

In addition to their mining success, Riot also received $6.2 million in power credits in June, showcasing their ability to optimize operations and manage costs effectively.

Despite these positive developments, Riot's stock price (RIOT) fell 1.5% to $9.57 on Wednesday. The stock is down 37.9% in 2024 and 28.3% over the past 12 months, reflecting broader market challenges in the crypto mining sector.

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