Bitcoin mining company Riot Platforms achieved a significant milestone in June, boosting its deployed hash rate by 50% and mining 255 Bitcoin (BTC), representing an almost 20% increase from May.
Riot’s hash rate climbed from 14.7 exahashes per second (EH/s) to 22 EH/s over the month. This increase was facilitated by the completion of miner installations at its Corsicana facility and leveraging additional capacity at its Rockdale facility.
In a statement on July 3, Riot’s CEO Jason Les described June as a “historic month,” as the firm surpassed its mid-year deployed hash rate target of 21.4 EH/s. The energization of these miners primarily occurred in the last few days of June.
Riot retained all the Bitcoin mined in June, bringing its total holdings to 9,334 BTC, valued at $561.6 million at current prices. The 255 Bitcoin mined, worth $15.3 million, represented a 45% decrease year-on-year due to the halving event, which cut the block subsidy by 50% on April 20.
Riot has now become the second-largest Bitcoin miner by hash rate, overtaking CleanSpark and Core Scientific, both of which have reported hash rates above 20 EH/s. Riot currently trails Marathon Digital, which has a hash rate of 31.5 EH/s.
Hash rate refers to the total combined computational power used to mine transactions on proof-of-work networks like Bitcoin.
Riot announced it is on track to increase its total self-mining hash rate capacity to 31.5 EH/s by the end of 2024. The company is targeting 100 EH/s by 2027 or shortly thereafter, a goal it expects to achieve should it fully exercise its option to purchase more MicroBT’s in the future.
Riot’s estimated hash rate projections. Source: Riot Platforms
Related:
CleanSpark mined 445 Bitcoin in June, surpasses hash rate target
Riot also earned $6.2 million in power credits in June.
However, Riot’s share price (RIOT) dropped 1.5% on Wednesday to $9.57, according to Google Finance data. The stock has declined 37.9% so far in 2024 and 28.3% over the past 12 months.
RIOT’s change in share price over the last 12 months. Source: Google Finance
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