Riot Blockchain has increased its production this year and has $194 million in Bitcoin on hand.
Riot Blockchain is a U.S.-based publicly traded mining company. It stated that it had tripled its bitcoin production this year, compared to last year.
Riot Blockchain’s production
As per Wednesday’s announcement, Riot Blockchain claims it has mined $135 million or 2,457 BTC to date. This is a 246 percent jump from the year 2020. Riot’s production quadruples every year. Last month the firm generated 406 bitcoin, whereas, in September 2020, this figure was 91 BTC. Currently, Riot Blockchain owns 3.454 bitcoin worth $194.4 million USD. According to the firm, it mines everything it owns.
Riot has a fleet of 25,646 miners with a hash rate of 2.6 exe hashes per second or EH/s. By early November, the firm claims it will deploy additional Bitmain Antminer to increase its hashing capabilities to 2.8 EH/s.
Looking to the future, Riot hopes to garner a hash rate of 7.7 EH/s by the start of the 4th quarter in 2022.
Riot’s Blockchain’s competition
Riot Blockchain is one of many publicly traded crypto mining companies that posted astounding September results. Marathon Digital Holdings is Riot’s rival. It recently posted that last month it gathered 340.6 bitcoin. Marathon’s team consists of 25,272 miners with a total 2.7 EH/s hash rate. The firm declared a 91 percent quarterly growth in production. Marathon also received a $100 million credit from Silvergate Bank.
Marathon’s shares increased by 254 percent, with the price jumping from $11 to $39.