Riot Platforms Mines More Bitcoin Than in May

Mining giant Riot Platforms has seen its hash rate grow by 50% in June, helping the company mine 255 bitcoins. That’s nearly 20% more than in May.

Riot Platforms Mines More BTC

Hash Riot increased from 14.7 EH/s (exahashes per second) to 22 EH/s. And that was within a month of installing new miners at its facility in Corsicana, Texas. The company also received additional capacity at its facility in Rockdale.

In a statement on July 3, Riot CEO Jason Les called June a “historic month” in which the company managed to surpass a hashrate of 21 EH/s. In addition, the company did not sell any recently mined bitcoin, increasing its bitcoin holdings to 9,334 BTC worth $561.6 million.

It is worth adding that all this is happening after halving, which caused the reward for mining a new block in the Bitcoin network to drop by half.

Riot is currently the second largest bitcoin mining company in terms of hash rate generated, ahead of CleanSpark and Core Scientific, which also have rates above 20 EH/s. The leader is Marathon Digital (31.5 EH/s).

Hash rate refers to the total aggregate computing power used to mine Bitcoins (or other cryptocurrencies on a Proof-of-Work-based network).

Goal for the future

Riot said it is on track to continue increasing its hash rate, even to 31.5 EH/s. It plans to achieve this goal by the end of 2024.

Next stops? 100 EH/s, which could be generated by 2027. That goal could be achieved if the company takes full advantage of its option to purchase more MicroBT devices in the future.

However, the price of a single Riot (RIOT) share fell 1.5% on Wednesday to $9.57, Google Finance data shows.

It is worth adding that the hash it generates was also increased by Bitfarms.