Riot Blockchain tripled production this year and is hoarding $194M in Bitcoin

U.S.-based publicly listed mining agency Riot Blockchain has revealed that its year-to-date Bitcoin production has greater than tripled in comparison with 2020.

According to a Oct. 6 announcement, Riot has mined 2,457 BTC (roughly $135 million) throughout 2021 up to now — a 246% improve in comparison with the identical interval of the earlier year.

Production for September has greater than quadrupled year-over-year, with Riot mining producing 406 Bitcoin final month in comparison with 91 BTC for September 2020. As of Sept. 30, 2021, Riot was in possession of three,534 Bitcoin ($194.Four million). The agency says that it mined each Bitcoin it owns.

Riot claims it now boasts a deployed fleet of roughly 25,646 miners representing a complete hash charge capability of two.6 exahashes per second (EH/s). Riot expects to have deployed a further 2,000 Bitmain Antminer S19Js by early November, forecasting a complete hashing energy of two.eight EH/s as soon as the brand new items are operational.

An additional 4,000 Antminer S19Js are slated for cargo from Bitmain’s Malaysian facility on the finish of October.

Despite Riot’s sturdy September efficiency, the agency didn’t promote any of its newly mined Bitcoin. Riot’s accumulation caught the eye of MicroStrategy CEO Michael Saylor, who tweeted:

“Publicly traded #Bitcoin miners aren’t selling Bitcoin, they are accumulating Bitcoin. The game has changed.”

Riot additionally notes that building of its recently acquired Whinstone Facility in Texas is making “around the clock” progress, predicting that the power’s fourth 100 MW energy transformer substation could have been put in by December.

Looking forward, Riot expects to command a hash charge of seven.7 EH/s earlier than the fourth quarter of subsequent year, estimating it’s going to function greater than 81,000 Antminers by then.

Related: Here’s why Bitcoin mining stocks have been outperforming BTC price in 2021

Riot is not the one publicly traded mining agency to submit sturdy outcomes for September, with rival Marathon Digital Holdings saying on Oct. Four it had mined 340.6 BTC for the month.

Marathon revealed a 91% quarterly improve in production, with the agency mining 1,252.4 Bitcoin (almost $69 million) for Q3 2020. Marathon estimates it instructions a fleet of 25,272 miners representing a mixed hash charge of two.7 EH/s.

Marathon additionally secured a $100 million credit line with Silvergate Bank on Oct. 1.

Shares in Marathon have rallied 254% year-to-date from $11 to roughly $39, whereas Riot inventory is up 61.5% from $16.48 to $26.61 over the identical interval.