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Riot Blockchain reported a massive increase in Bitcoin production in its latest update for the third quarter. The crypto mining firm announced a 346 percent year-over-year increase for the month of September 2021.
The company announcement published on October 5, Riot Blockchain said it mined 406 BTC in September 2021. This is a 346 percent increase in production compared to the 91 BTC the company mined in September 2020.
The crypto mining firm also announced that it produced a total of 2,457 BTC from January to September this year. This is a 236 percent increase compared to its Bitcoin production of 731 BTC for the same period in 2020.
The company held around 3,534 BTC as of September 30, 2021. The firm’s Bitcoin stash all comes from its self-mining operations. Based on Bitcoin’s price of $54,250 at the time of writing, Riot’s crypto holdings is valued at around $192 million.
Currently, the crypto mining firm has around 25,646 Bitcoin miners in operation. Its fleet gives the company a total hash rate capacity of 2.6 exahashes per second (EH/s).
The company expects to beef up its mining capacity by November with the delivery of 2,000 S19J Pro Antminers for its Whinstone facility. “Riot anticipates that it will have a total of 27,646 Antminers deployed, utilizing approximately 90 megawatts (“MW”) of energy, with an estimated hash rate capacity of 2.8 EH/s,” the company said.
Riot Blockchain expects to further increase its mining capacity next year. The company said that 81,150 Antminers acquired from Bitmain will be delivered and deployed by the fourth quarter of 2022.
This will bring its total self-mining hash rate capacity to 7.7 EH/s. “Upon full deployment, the Company’s total self-mining fleet is expected to utilize approximately 257 MW of energy, with approximately 206 MW deployed at Riot’s Whinstone Facility and approximately 51 MW currently deployed at Coinmint, LLC’s facility,” Riot added.
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