Riot Blockchain tripled production in 2021, hoarding $194M in Bitcoin

Riot Blockchain tripled production in 2021, hoarding $194M in Bitcoin


Riot Blockchain, a United States-based publicly listed mining company, has recent;y revealed its year-to-date Bitcoin production, saying it has tripled in comparison to 2020.


As announced on October 6, Riot has been able to mine 2457 BTC (about $135 million) during 2021, which is a 246 per cent increase if compared to the same period in the previous year.



As per reports, the production for September has “quadrupled year-over-year” as Riot’s mining generated 406 Bitcoin the last month. This is in comparison to 91 BTC in September 2020. 



As of September 30, Riot held 3,534 Bitcoin ($194.4 million) in possession, with the firm declaring that it has mined every single Bitcoin it currently owns.



Riot has also deployed 25,646 miners representing a total hash rate capacity of 2.6 exahashes per second (EH/s). It revealed that the firm expects to have deployed an additional 2,000 Bitmain Antminer S19Js by the initial week of November 2021, forecasting a total hashing power of 2.8 EH/s once the new units are fully operational.



It added that another 4,000 Antminer S19Js are slated for shipment from the Bitmain’s Malaysian facility by October end.



However, the strong mining performances in September 2021 by Riot did not result in any newly minted Bitcoin.



Riot’s present accumulation has caught the attention of Michael Saylor, MicroStrategy CEO, who tweeted recently tweeted that “the game has changed”. Saylor also said that “publicly traded #Bitcoin miners” haven’t been selling Bitcoin, but ”they are accumulating Bitcoin.”



In the latest, Riot has also noted that the construction of its newly acquired Whinstone Facility in Texas has been registering “around the clock” progress. It has also been predicted that the facility’s fourth 100-megawatt power transformer substation is scheduled to have been installed by December 2021.



The firm also expects to command a hash rate of 7.7 EH/s before the fourth quarter of 2022, in an estimation that it would start operating more than 81,000 Antminers by then.



Besides Riot, its rival platform, Marathon Digital Holdings, has also announced on Monday that it had managed to mine 340.6 BTC for the month.



Marathon also revealed a 91 per cent quarterly increase in production, with the firm mining 1,252.4 Bitcoin (roughly $69 million) for Q3 2020. Marathon has estimated that it commands a fleet of 25,272 miners representing a combined hash rate of 2.7 EH/s.



Last Friday, Marathon was reported to have secured a $100-million credit line with Silvergate Bank.

Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

- Advertisement - spot_img

You might also like...