Riot Blockchain, a Nasdaq-listed bitcoin mining company, recorded a significant surge of 189% year-on-year in BTC production in its production and operation updates for February 2022. It produced 436 bitcoin, compared to 179 coins in the same period in 2021.
The mining firm, as of February 28, 2022, held almost 5,783 bitcoin produced by its self-mining operations. Riot has expanded its hash rate substantially since the start of 2021. In its recent report, the company has also provided updates on the expansion of its mining infrastructure.
Jason Les, the CEO at Riot Blockchain, highlighted that in the month of February, the company continued to make progress on the first phase of its 200 MW immersion-cooled bitcoin mining deployment. It has over 10,000 S19j Pro Antminers deployed in immersion cooling tanks.
Riot Blockchain has initiated the performance evaluation process. It will be monitoring its immersion performance data closely over the next 60-days. Riot Blockchain continues to scale its immersion operation. As such, the firm is evaluating and assessing future opportunities to leverage its expertise in immersion-cooling development and deployment.
Given the enhanced mining infrastructure, Riot Blockchain’s profits increased during the last year. It had also announced collaborations with several leading firms, including Bitmain Technologies Limited for S19j Antminers, around the world in 2021. In regards to hash rate, the firm plans to reach a total self-mining hash rate capacity of 12.8 EH/s by January of 2023.
Furthermore, Riot Blockchain highlighted that 97% of its self-mining fleet will include the latest generation S19 series miner model. The firm’s total self-mining fleet will consume approximately 370MW energy if all currently contracted machines are fully deployed.