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Riot Blockchain Increased Its Bitcoin Mining Capacity by 346% in September

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by Benjamin Godfrey · 3 min read
Riot Blockchain Increased Its Bitcoin Mining Capacity by 346% in September
Photo: Depositphotos

Besides its own primary operational activities, Riot Blockchain hosts a number of Bitcoin mining clients who use its facilities and also serves as an additional revenue source.

American Bitcoin (BTC) mining company Riot Blockchain (NASDAQ: RIOT) announced an increment to its production capacity in the month of September, during which it mined a total of 406 BTC. The mined coins come off with a growth of 346% over its September 2020 production of 91 BTC and reaffirm the positive impacts of the company’s operational strategies.

In the year to date through September 2021, Riot Blockchain said it has produced a total of 2,457 BTC, an increase of approximately 236% over its BTC production during the same 2020 period of 731 BTC. The company also pointed out that it is currently HODLing a total of 3,534 BTC, all of which was produced from its own mining operations only. The impressive feat for the month of September was achieved with the help of a total of 25,646 deployed miners, generating a hash rate capacity of 2.6 exahash per second (“EH/s”).

This year has been exceptionally tumultuous for Bitcoin miners, particularly those operating from China. First saddled with the Xinjiang flood crises that caused the plunging of the mining hashrate back in May, a series of crackdowns from the Chinese government has also forced many miners on an untimely migration.

While the various upheavals notably affected the overall outlook of the Bitcoin mining industry, the negativities in the industry have notably benefitted companies like Riot Blockchain. Existing miners profited from the reduction in the mining difficulty, helping them to mine more Bitcoin from relatively a similar amount of work done in the past.

Riot Blockchain Expanding its Infrastructure

Besides its own primary operational activities, Riot Blockchain hosts a number of Bitcoin mining clients who use its facilities and also serves as an additional revenue source. To effectively do this, Riot Blockchain is expanding its infrastructure and also building out its human resource capabilities.

“The infrastructure development of Riot’s Whinstone Facility continues on schedule with around-the-clock construction. As of September 30, 2021, three 100 MW Power Transformer substations have been installed with the fourth 100 MW Power Transformer substation scheduled for installation during November 2021,” the company said in the announcement, adding that “the overall Building D development is reported at 50% completion and has 2,600 kVA transformers in the process of being installed.”

While Riot Blockchain is known for making strategic acquisitions to position it as a leading miner in the North American region, some of its current facilities are undergoing a massive retouch and are also at various stages of development, with plans to generate their own energy to power all of its operations. Riot Blockchain is also expanding its fleet of new-generation miners drawing on its orders with Bitmain.

“By Q4 2022, Riot anticipates a self-mining total hash rate capacity of 7.7 EH/s, assuming full deployment of approximately 81,150 Antminers acquired from Bitmain,” the company said.

The shares of Riot Blockchain closed 1.03% to $26.61 on Wednesday.

Bitcoin News, Blockchain News, Cryptocurrency news, News
Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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