Riot Platforms, a Bitcoin mining company, significantly boosted its operational hash rate by 50% in June, resulting in the successful mining of 255 Bitcoin (BTC) – marking a nearly 20% surge compared to May.
During the course of the month, Riot’s hash rate surged from 14.7 exahashes per second to 22 EH/s. This increase followed the completion of miner installations at its Corsicana facility and the utilization of additional capacity at its Rockdale Facility.
CEO Jason Les of Riot, in a statement on July 3, hailed June as a “historic month” for the company, as it surpassed its mid-year target by deploying a hash rate exceeding 21.4 EH/s. The activation of these miners predominantly occurred in the final days of June.
Riot opted to retain all the Bitcoin it mined throughout June, expanding its total Bitcoin holdings to 9,334 – which equates to a value of $561.6 million at current market prices. However, the 255 Bitcoins mined, valued at $15.3 million, represented a 45% decrease year-on-year due to the halving event that slashed block subsidies by 50% on April 20.
Moving forward, Riot has climbed to become the second-largest Bitcoin miner based on hash rate, overtaking companies like CleanSpark and Core Scientific, both of which also reported hash rates surpassing 20 EH/s. Marathon Digital now leads the hash rate rankings at 31.5 EH/s, with Riot following closely behind.
Hash rate denotes the cumulative computational power utilized for processing transactions on proof-of-work networks such as Bitcoin. Riot is confident in its trajectory to enhance its self-mining hash rate capacity to 31.5 EH/s by the end of 2024. The company aims to reach 100 EH/s by 2027 or shortly thereafter, a goal that could materialize with the full utilization of its option to acquire additional MicroBT machines in the future.
In a separate development, Riot managed to generate $6.2 million in power credits during June. Despite these milestones, Riot’s share price (RIOT) dipped by 1.5% on Wednesday to $9.57, as per Google Finance data. Year-to-date, the stock has fallen by 37.9% in 2024 and by 28.3% over the last 12 months.
Riot’s future hash rate projections can be observed in the visual representation provided below:
[Image of Riot’s estimated hash rate projections. Source: Riot Platforms]
As part of other Bitcoin-related news, CleanSpark successfully mined 445 Bitcoins in June, surpassing its hash rate target as well.
For additional insights, delve into the article shedding light on Cuba’s Bitcoin revolution.