Riot Platforms Increases Bitcoin Mining Hashrate by 50% to 22 EH/s, Targeting 100 EH/s by 2027

According to Odaily, the US-based Bitcoin mining company Riot Platforms has reportedly increased its mining Hashrate by 50% within a month.

US Bitcoin mining company Riot Platforms increased its mining hashrate by 50% in a month.

Hashrate is the total computing power used to mine transactions on proof-of-work networks like Bitcoin.

Riot’s hashrate of 22 exahashes per second (EH/s) is now second only to Marathon Digital’s 31.5 EH/s.

This increase in mining power is part of Riot’s strategy to boost its operational efficiency and productivity in the competitive Bitcoin mining industry.

In June, Riot deployed 50% more hashrate, which helped it mine 255 Bitcoin, a nearly 20% increase from the previous month.

Riot’s hashrate grew from 14.7 EH/s to 22 EH/s over the month as it finished installing miners at its Corsicana facility and began utilizing more capacity at its Rockdale Facility.

The decision by Riot Platforms to ramp up its mining hashrate is a strategic move to boost its Bitcoin production.

With increased mining power, the company can mine more Bitcoin, which should lead to a higher yield of the cryptocurrency.

This, in turn, could boost Riot's market share and profitability.

In a statement on July 3, Riot CEO Jason Les called June a “historic month” as the company exceeded its mid-year deployed hashrate target of 21.4 EH/s.

“The miners were largely energized in the last few days of June. We continue to hold all Bitcoin mined by Riot.”

At the current price, Riot’s 255 Bitcoin, valued at $15.3 million, reflects a 45% year-over-year decline due to the halving event, which slashed the block subsidy by 50% on April 20.

However, this move demonstrates Riot Platforms’ dedication to solidifying its position in the Bitcoin mining sector.

Riot is now the second-largest Bitcoin miner by hashrate, trailing only CleanSpark and Core Scientific, both of which have also reported hashrates above 20 EH/s.

However, Riot is quickly closing in on the top spot.

According to the company’s financial report, Riot had deployed 22.1 exahashes per second (EH/s) of self-mining hashrate capacity as of June 30.

This represents an increase of 50% from the beginning of the second quarter and a new record high for the company.

With an additional 9.4 EH/s of self-mining hashrate capacity on order and expected to be deployed by the end of 2024, Riot is on track to achieve its goal of 31.5 EH/s.

The company’s total self-mining hashrate capacity could reach 100 EH/s by the end of 2024, assuming it exercises its option to purchase additional MicroBTs in the future.

According to Google Finance data, on Wednesday, Riot’s (RIOT) share price dropped by 1.5% to $9.57.

It has decreased by 37.9% year-to-date in 2024 and 28.3% over the last 12 months.