Jul 3, 2024
In a major development for the cryptocurrency mining industry, Riot Platforms has announced a substantial increase in its hash rate, leading to a notable rise in Bitcoin production for June. The company reported a 50% jump in its deployed hash rate, which soared from 14.7 exahashes per second (EH/s) to an impressive 22 EH/s by the end of the month. This surge in computational power was a result of new miner installations at Riot's Corsicana facility and expanded capacity utilization at its Rockdale location.
Jason Les, CEO of Riot Platforms, hailed June as a "historic month" for the company. Les highlighted that the firm not only reached but exceeded its mid-year target, achieving a deployed hash rate of 21.4 EH/s ahead of schedule. This achievement was particularly significant as the majority of the new miners became operational in the closing days of June.
Riot's enhanced hash rate translated into the mining of 255 Bitcoin in June, a 20% increase compared to May. This output, valued at approximately $15.3 million based on current prices, has bolstered Riot’s total Bitcoin holdings to 9,334 BTC, equivalent to about $561.6 million. Unlike previous months, Riot decided to retain all of its newly mined Bitcoin, reflecting a strategic decision to strengthen its cryptocurrency reserves.
Despite this impressive growth, Riot's June Bitcoin production was down by 45% from the same period last year. This decline is attributed to the Bitcoin halving event on April 20, which reduced the block reward by half, directly impacting miners' earnings.
Riot Platforms has now positioned itself as the second-largest Bitcoin miner in the industry, overtaking competitors such as CleanSpark and Core Scientific, both of which have reported hash rates exceeding 20 EH/s. The only company ahead of Riot in hash rate is Marathon Digital, with a leading capacity of 31.5 EH/s.
Looking ahead, Riot is focused on further expanding its mining capabilities. The firm is on track to boost its self-mining hash rate capacity to 31.5 EH/s by the end of 2024. Riot also has ambitious plans to reach a staggering 100 EH/s by 2027, a target that hinges on its potential acquisition of additional MicroBT mining equipment.
The hash rate is a critical metric in the cryptocurrency mining world, representing the total combined computational power used to validate transactions on proof-of-work networks like Bitcoin. Riot's rapid expansion in this area underscores its commitment to remaining at the forefront of the Bitcoin mining sector.
As Riot continues to enhance its infrastructure and capabilities, the company is poised to play a pivotal role in the evolving landscape of cryptocurrency mining.
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