American-based Bitcoin mining company Riot Blockchain, Inc. has released its unaudited production and operations updates for November 2022, showing a balance of 521 bitcoins (BTC) compared to the 466 BTC it produced last year.
Increased Rate Hash Capacity
The company saw a 12% increase in its total Bitcoin production as of November 30, 2022. According to the press release, Riot holds approximately 6,897 BTC generated from its self-mining operations. The firm sold 450 BTC worth around $8.1 million in profits.
The American-based Bitcoin miner deployed around 72,428 miners, with a hash rate capacity of 7.7 exahash per second (“EH/s”). In addition to the increased bitcoin production, the company topped up its hash rate capacity with additional miners. The new record marks the company’s highest rate capacity compared to last year’s audit.
“Riot again achieved a new record for total hash rate capacity during the month of November, resulting in our highest monthly Bitcoin production figure to date,” said Jason Les, CEO of Riot.
Despite its latest achievement, Les said the firm expected to produce approximately 660 due to its operative hash rate over the month. The company’s chief attributed the disappointing performance to its current mining pool, noting that Riot plans to migrate to another pool to increase its earnings.
The Bitcoin-focused infrastructure firm said it would transition to a different variance mining pool, offering a consistent reward mechanism to enhance its productivity and increase its yield in the coming months.
Les also said the migration will enable the firm to benefit from its rapidly growing hash rate capacity as it plans to reach 12.5 EH/s in the first quarter of 2023.
Improved Infrastructure
Aside from achieving a record-breaking production rate last month, the Bitcoin-focused company said its construction and engineering teams recorded significant achievements in November, with all exterior structures at the Rockdale Facility now complete.
Its construction employees completed the installation of the air cooling rack system in building D. The electrical team is working on low-voltage cables.
The firm also concluded the installation of underground water cooling systems to help the building evaporative cooling walls in building E while the engineering team continues installations of the air-cooling rack system.
The company also plans to host a business update call next week.
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