Riot Platforms, a prominent Bitcoin mining company, significantly boosted its operational mining power by 50% in June, resulting in the successful mining of 255 Bitcoin. This marked a remarkable increase of nearly 20% compared to the previous month.
The company’s mining power surged from 14.7 exahashes per second (EH/s) to 22 EH/s throughout the month, following the completion of miner installations at its Corsicana facility and the utilization of additional capacity at its Rockdale Facility.
CEO Jason Les of Riot Platforms described June as a “historic month,” as the company not only surpassed its mid-year mining power target of 21.4 EH/s but also managed to energize the new miners in the final days of the month.
Riot Platforms retained all 255 Bitcoins mined in June, adding to its total stash of 9,334 Bitcoins valued at $561.6 million based on current prices. The decrease in the value of the mined Bitcoins by 45% year-on-year was attributed to the halving event that reduced the block subsidy by 50% on April 20.
With its increased mining power, Riot Platforms now holds the position of the second largest Bitcoin miner by hashrate, surpassing competitors like CleanSpark and Core Scientific, both of which also reported hashrates above 20 EH/s. Marathon Digital remains ahead with a hashrate of 31.5 EH/s.
Hashrate, which signifies the total computational power utilized for mining transactions on proof-of-work networks like Bitcoin, is a key metric for mining companies. Riot Platforms has plans to further enhance its self-mining hashrate capacity to 31.5 EH/s by the end of 2024 and aims to reach 100 EH/s by 2027 or shortly thereafter, potentially by acquiring more MicroBT’s in the future.
In addition to its mining success, Riot Platforms also redeemed $6.2 million in power credits in June. Despite this positive news, the company’s share price (RIOT) experienced a slight decline of 1.5% on Wednesday, settling at $9.57 according to Google Finance data. Year-to-date, the share price has dropped by 37.9% and by 28.3% over the last 12 months.
The path to success for Riot Platforms in the Bitcoin mining industry seems promising, with ambitious goals and strategic investments driving their growth trajectory.