Recently, the Riot company reported that it had produced 187 bitcoins during March. This represents an 80% increase over its BTC mining in March of last year. Likewise, Riot assured that it had more than 1,565 bitcoins on its balance sheet as of March 31, equivalent to more than US $ 90 million.
It should be noted that the achievement is even more impressive considering that the halving, or reduction of mining rewards by half, took place in 2020.
What is the purpose of the company?
According to its website, Riot Blockchain, is a BTC mining company that supports the Bitcoin blockchain through rapidly expanding industrial-scale mining focused on the United States. This company is focused on expanding its operations by increasing its BTC mining hash rate. But they seek to do it more efficiently, reducing production costs.
Therefore it is not surprising that they make huge investments to improve their mining instruments. For example, it became known of a purchase of 42,000 S19j Antminers from Bitmain, for a total of US $ 138 million.
About 6% of the machines (2,400 Antminers) are already en route to the Coinmint facility in New York, where Riot runs a portion of its mining operations. By the end of April, Riot claims it will have 16,146 Antminers up and running capable of producing 1.6 exahashes per second, or EH / s.
In short, they are preparing to fully meet their goal. Therefore, we see that this year-on-year increase is no coincidence: Riot works and exists for it.
How does Riot Blockchain plan to continue increasing its capacity to mine BTC?
There are various methodologies and strategies that Riot Blockchain has been handling and hopes to develop further in the coming months to mine more BTC. These include buying more and better mining machines, buying facilities, and looking for ways to use energy more efficiently.
Along those lines, as more Antminers go live, Riot expects its hashing power to increase significantly. By the end of this year, the company expects to achieve a hash rate capacity of 3.8 EH / s.
Additionally, they expect the 81,146 Antminers they have so far to be fully operational before the fourth quarter of 2022. In this way, they aspire to produce a hash rate of 7.7 EH / s. According to blockchain data, this would represent more than 4% of the hashrate for the entire Bitcoin network.
As if this were not enough, Riot is also planning to buy a major mining facility in the state of Texas. Since last week they announced that they would buy the Whinstone company, for US $ 650 million. The deal would apparently allow Riot to operate its rigs in Texas with a total capacity of 750 megawatts, with a further expansion of 300 MW planned.