Riot Platforms, a leading Bitcoin mining firm, saw a significant boost in its operations in June, increasing its deployed hash rate by 50%. This increase allowed the company to mine 255 Bitcoin, marking a nearly 20% rise from its production in May.
Riot Platforms Surges to 14.7 EH/s
The company’s hash rate surged from 14.7 exahashes per second (EH/s) to 22 EH/s over the month. This growth was driven by the completion of miner installations at Riot’s Corsicana facility and the utilization of additional capacity at its Rockdale facility.
In a statement released on July 3, Riot’s CEO, Jason Les, highlighted the significance of June’s achievements, describing it as a “historic month” for the company. Riot exceeded its mid-year deployed hash rate target of 21.4 EH/s, with the energization of new miners primarily occurring in the final days of June.
No Sale
All Bitcoin mined in June was retained by Riot, bringing its total Bitcoin holdings to 9,334, valued at approximately $561.6 million at current market prices. The 255 Bitcoin mined in June, worth $15.3 million, represented a 45% decrease from the previous year due to the block subsidy halving event on April 20, which reduced the reward for mining each block by 50%.
Riot has now positioned itself as the second-largest Bitcoin miner by hash rate, surpassing competitors CleanSpark and Core Scientific, both of which reported hash rates above 20 EH/s. Riot is now second only to Marathon Digital, which boasts a hash rate of 31.5 EH/s.
The term “hash rate” refers to the total combined computational power used to mine transactions on proof-of-work networks like Bitcoin. A higher hash rate typically indicates more robust and efficient mining operations.
Operational Changes
Looking ahead, Riot is on track to further increase its self-mining hash rate capacity to 31.5 EH/s by the end of 2024. The company has ambitious plans to reach a hash rate of 100 EH/s by 2027 or shortly thereafter. Achieving this target will depend on Riot’s ability to fully exercise its option to purchase additional mining equipment from MicroBT in the future.
In addition to its mining achievements, Riot also capitalized on power credits, earning $6.2 million in June. These credits are part of the company’s strategy to optimize its operations and manage energy costs effectively.
Despite these operational successes, Riot’s share price experienced a slight decline. On Wednesday, Riot’s stock fell by 1.5%, closing at $9.57, according to Google Finance data. The company’s stock has faced challenges throughout 2024, with a 37.9% decrease year-to-date and a 28.3% decline over the past 12 months.
Additionally, Riot has also been trying to take over Bitfarms but was unable to do so after the latter’s resistance. The matte escalated with heated accusations.
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