Riot Blockchain, a prominent Bitcoin mining firm, significantly boosted its operational hashrate by 50% in June, resulting in the mining of 255 Bitcoin — a nearly 20% increase compared to May.
During the month, Riot increased its hashrate from 14.7 exahashes per second (EH/s) to 22 EH/s. This growth came after successful installations of miners at its Corsicana facility and the utilization of additional capacity at its Rockdale Facility.
CEO Jason Les labeled June as a “historic month,” as Riot surpassed its mid-year target of 21.4 EH/s. The activation of these miners occurred predominantly in the final days of June.
Riot retained all 255 Bitcoin mined in June, augmenting its total Bitcoin holdings to 9,334, valued at $561.6 million based on current market prices. Despite the substantial mining output, the 255 Bitcoin represented a 45% decline year-on-year, influenced by the halving event on April 20, which reduced block subsidies by 50%.
In terms of hashrate, Riot now ranks as the second largest Bitcoin miner, surpassing CleanSpark and Core Scientific, both of which also reported hashrates above 20 EH/s. Currently, Riot follows Marathon Digital, which leads with 31.5 EH/s.
Hashrate denotes the collective computational power utilized for processing transactions on proof-of-work networks such as Bitcoin.
Looking ahead, Riot aims to further increase its self-mining hashrate capacity to 31.5 EH/s by the end of 2024. It has set a longer-term target of achieving 100 EH/s by 2027 or shortly thereafter, contingent upon the full exercise of its option to acquire additional MicroBT miners.
Riot’s estimated hashrate projections are illustrated in the accompanying image.
In other financial activities for June, Riot also realized $6.2 million in power credits. However, despite these operational gains, Riot’s stock (RIOT) saw a slight decline of 1.5% on Wednesday, closing at $9.57, according to data from Google Finance. Over the course of 2024, Riot’s share price has fallen by 37.9%, and over the past year, it has decreased by 28.3%.
The evolution of RIOT’s share price over the last 12 months is detailed in the provided image from Google Finance.
For more insights into the cryptocurrency world, read our in-depth coverage on Cuba’s Bitcoin revolution.