Riot Blockchain’s production tripled in 2021, hoarding $194M in Bitcoin

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Riot Blockchain, a U.S based public mining firm has revealed that its Bitcoin production has more than tripled compared to 2020.

According to an official announcement on Wednesday, Riot has already mined 2,457 BTC (nearly $135 million) in the year-to-date — a 246% increase in comparison to what it was at this time last year.

September production alone is more than 4 times what it was in September 2020 (91 BTC). With Riot mining producing 406 Bitcoin last month, bringing all of the firm’s possession to 3,534 Bitcoin ($194.4 million).

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Meanwhile, Riot blockchain is saying that it mined all of the Bitcoin it presently possesses.

Riot also boasts of a deployed fleet of roughly 25,646 miners giving it a total hash rate capacity of 2.6 exahashes per second (EH/s).

The firm is expecting that by early November, it should have deployed an additional 2,000 Bitmain Antminer S19Js to bring its total hashing power to 2.8 EH/s.

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Again, an extra 4,000 Antminer S19Js are set to be shipped from Bitmain’s Malaysian facility by ending of October.

Why is Riot still hoarding Bitcoin at this time?

Despite Riot having a very strong performance in September, the firm did not sell any of its newly mined Bitcoin. This hoarding has caught the attention of MicroStrategy CEO Michael Saylor, who tweeted that the game must have changed if publicly traded Bitcoin miners are refusing to sell.

Recall that Riot recently acquired a Whinstone Facility in Texas. Considering the substantial amount of progress already being made with the construction,  it’s safe to say that the facility’s fourth 100 MW power transformer substation will have been installed by December.

This means that before Q4 next year, Riot expects to command a hash rate of 7.7 EH/s. And by estimation, should also be operating more than 81,000 Antminers by then.

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