Riot Blockchain’s Bitcoin Production Surges: A Year of Record Highs

Riot Blockchain Shattering Expectations

Riot Blockchain, the U.S.-based mining firm that’s become a household name in the crypto world, has dropped a bombshell this year, tripling its Bitcoin production compared to 2020. According to their latest press release, the company has mined a whopping 2,457 BTC, valued at around $135 million so far this year. And let’s not forget, that’s a jaw-dropping 246% increase from last year. Talk about breaking records!

September: A Month of Major Milestones

If you thought that was impressive, hold onto your wallets: in September alone, Riot mined 406 BTC, a figure that more than quadrupled the meager 91 BTC mined in the same month the previous year. By the end of September 2021, they had amassed a stunning total of 3,534 BTC worth about $194.4 million. It’s like they discovered a cheat code for mining!

State-of-the-Art Mining Fleet

Riot Blockchain isn’t just sitting on their laurels, either. With a fleet of approximately 25,646 miners in operation, they are clocking in a hash rate capacity of 2.6 exahashes per second (EH/s). And there’s more—Riot plans to add another 2,000 Bitmain Antminer S19Js by early November, which should boost their hashing power to an impressive 2.8 EH/s. Stack ’em and rack ’em, right?

Bitcoin Accumulation, Not Liquidation

Unlike some miners who seem to sell their newly minted BTC as soon as they can, Riot has opted for a different strategy: accumulating their prizes. CEO of MicroStrategy, Michael Saylor, even tweeted, “Publicly traded Bitcoin miners aren’t selling Bitcoin, they are accumulating Bitcoin. The game has changed.” Sounds like Riot is playing chess while others are still struggling to master checkers.

Future Outlook: A Fortified Facility

On the construction front, progress at Riot’s recently acquired Whinstone Facility in Texas is ramping up. The company is predicting that its fourth 100-megawatt power transformer substation will be installed by December. Meanwhile, Riot is eyeing a jaw-dropping hash rate of 7.7 EH/s by the end of next year, aiming to operate over 81,000 Antminers. Imagine that power bill!

In Good Company

Riot isn’t alone in the Bitcoin race. Rival Marathon Digital Holdings has also reported stellar performance, mining 340.6 BTC in September and a total of 1,252.4 BTC for Q3 2020—a staggering 91% increase from last year. Marathon’s stock has soared by 254% this year, while Riot’s shares have jumped by 61.5%. Insane gains all around!