Riot Mining Company Boosts Hashrate by 50% in a Month, Takes Second Place

In June, Riot Blockchain, one of the leading American miners with a market capitalization of $2.76 billion, demonstrated a significant increase in its mining capacity. The company increased its hash rate by 50%, allowing it to increase bitcoin mining by 20% for the month. As a result, Riot Blockchain was able to mine 255 coins, increasing its hash rate from 14.7 to 22 EH/s. This allowed the company to take the second place in the industry in this indicator, surpassing competitors like CleanSpark and Core Scientific, whose results also exceed 20 EH/s, and trailing only behind the leader Marathon Digital, whose hash rate is 31.5 EH/s.

Sharp increase in performance:

The increase in Riot Blockchain’s hash rate was made possible by the installation of new equipment at the Corsicana farm and the addition of extra power at the Rockdale farm. The main activation of new miners took place in the last days of June, contributing to a significant increase in productivity.

Riot CEO Jason Les called June a «historic month» for the company as they managed to surpass the mid-year target hash rate of 21.4 EH/s.

Furthermore, in June, the company did not sell any mined coins, allowing it to increase its reserves to 9,334 bitcoins, valued at around $562 million at the current price.

Future Plans:

Riot Blockchain aims to further increase its hash rate to 31.5 EH/s by the end of the current year and plans to reach 100 EH/s by 2027 or shortly thereafter. To achieve this goal, the company plans to fully exercise the option to acquire MicroBT devices, which should accelerate the hash rate growth.

Other significant events:

In June, CleanSpark, with a market capitalization of $3.71 billion, increased bitcoin mining by 6.7%, mining 445 coins. The company also exceeded its mid-year target hash rate, increasing it to 20.4 EH/s. This month, CleanSpark also completed the acquisition of competitor GRIID for $155 million, making it the second-largest investment round of the month.

Riot Blockchain is actively pursuing the acquisition of Canadian competitor Bitfarms. In June, the company increased its stake in Bitfarms to 14%. However, Bitfarms is resisting the takeover and plans to issue additional shares to dilute Riot’s stake if the latter reaches 15%.

These events underline the dynamic development and competitive struggle in the cryptocurrency mining industry, where companies continue to strive to expand their capabilities and increase market share.