Riot Blockchain, a prominent Bitcoin mining company, significantly boosted its operational capacity in June, ramping up its hashrate by 50%. This enhancement enabled Riot to successfully mine 255 Bitcoin during the month, marking a nearly 20% increase from May.
The firm’s hashrate surged from 14.7 exahashes per second (EH/s) to 22 EH/s over the course of June. This growth was fueled by the completion of new miner installations at its Corsicana facility and the effective utilization of additional capacity at its Rockdale Facility.
Jason Les, Riot’s CEO, described June as a “historic month” for the company, surpassing its mid-year deployed hashrate target of 21.4 EH/s. The activation of these new miners predominantly occurred in the final days of the month.
Riot retained all 255 Bitcoin mined in June, bolstering its total Bitcoin holdings to 9,334, currently valued at approximately $561.6 million. The decrease in mined Bitcoin compared to last year’s output was attributed to the halving event on April 20, which halved the block subsidy by 50%.
With its increased hashrate, Riot now ranks as the second-largest Bitcoin miner globally, overtaking competitors like CleanSpark and Core Scientific, both of which also boast hashrates exceeding 20 EH/s. Riot’s current hashrate trails only Marathon Digital, which operates at 31.5 EH/s.
Hashrate refers to the aggregate computational power utilized for processing transactions on proof-of-work networks such as Bitcoin. Riot has outlined plans to expand its self-mining hashrate capacity to 31.5 EH/s by the end of 2024. Looking further ahead, the company aims to achieve 100 EH/s by 2027, contingent upon its exercise of purchasing options for additional MicroBT miners.
In addition to its mining activities, Riot capitalized on $6.2 million in power credits in June. However, despite these achievements, Riot’s share price (RIOT) experienced a 1.5% decline on Wednesday, closing at $9.57 according to Google Finance data. This downturn contributes to a year-to-date decrease of 37.9% and a 28.3% decline over the past 12 months.
For further details on Riot’s estimated hashrate projections and related financial performance, refer to the accompanying images from Riot Platforms and Google Finance.