Riot Blockchain Reportedly Offloads 250 BTC Amidst Price Burn

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Riot Blockchain, a Nasdaq-listed Bitcoin mining company has shared its mining update for the month of May, revealing amongst other things that it offloaded as many as 250 BTC, with which it generated a net proceed of approximately $7.5 million.

The mining firm noted that it generated a total of 466 BTC, a figure that comes with an increase of approximately 104%, as compared to the May 2021 production of 228 BTC. Mining Bitcoin is relatively becoming more difficult by the day as the mining difficulty has continued to grow linearly since more computing powers have continued to trickle into the industry since miners resettled after their coordinated exodus from China.

Despite the growing difficulty, Riot Blockchain has continued to impress with its figures and currently has 6,536 BTC produced through its self-mining efforts as of the end of May 2021.

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“During May, we continued to make progress on the ongoing expansion of our Whinstone Facility in Rockdale, TX,” said Jason Les, CEO of Riot. “We’re proud to report that our first immersion building, Building F, is filled with approximately 23,000 S19 series miners. Approximately 7,000 of those miners are staged in the immersion-cooling tanks and are anticipated to be deployed pending installation of the final requisite components. Once these miners and other staged miners are fully deployed, our hash rate capacity is expected to increase to 5.4 EH/s.”

Riot Blockchain Boosting Capital For Enhanced Productivity

With relatively less than 2 million Bitcoin units left to be mined, Riot Blockchain has continued to bolster its resources in such a way that it is prepared to fight its competitors in an energy-efficient way.

One of the ways the firm hopes to achieve this is by refurbishing its “fleet of S17-Pro Antminers to improve their overall hash rate and efficiency,” as affirmed by the CEO.

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The company also said work is in progress at its 400 megawatts facility infrastructure expansion project at the Whinstone facility in Rockdale, Texas. Besides these, the firm also made significant milestones with respect to its transformer installation as it seeks to sustain its overall operations across the board.

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