2024

Core

Bitcoin

April

Bitcoin mining firm Riot Platforms increased its deployed hashrate by 50% in June, helping it mine 255 Bitcoin — a near-20% increase from May.
Riot’s hashrate increased from 14.7 exahashes per second (EH/s) to 22 EH/s over the month after it completed miner installations at its Corsicana facility and tapped into additional available capacity at its Rockdale Facility.
In a July 3 statement, Riot’s CEO Jason Les, <a href="https://www.riotplatforms.com/riot-announces-june-2024-production-and-operations-updates/" target="_blank" rel="noopener nofollow">described</a> June as a “historic month” as the firm managed to exceed its mid-year deployed hashrate target of 21.4 EH/s. The energization of these miners primarily took place in the last few days of June.
Riot <a href="https://cointelegraph.com/news/marathon-digital-holds-bitcoin-june">held all Bitcoin that it mined</a> in June, bringing its total Bitcoin stash to 9,334 — worth $561.6 million at current prices.
The 255 Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) — worth $15.3 million — was down 45% year-on-year due to <a href="https://cointelegraph.com/news/bitcoin-halving-2024-completion-confirmed">the halving event</a> slicing the block subsidy by 50% on April 20. 
Riot is now the second largest <a href="https://cointelegraph.com/explained/how-long-does-it-take-to-mine-1-bitcoin">Bitcoin miner</a> by hash rate, <a href="https://cointelegraph.com/news/bitcoin-miner-cleanspark-increases-btc-production-june">surpassing CleanSpark</a> and <a href="https://investors.corescientific.com/news-events/press-releases/detail/75/core-scientific-announces-may-2024-production-and-operations-updates" target="_blank" rel="noopener nofollow">Core</a> Scientific which have also reported hash rates above 20 EH/s.
Riot now only <a href="https://ir.mara.com/news-events/press-releases/detail/1361/mara-announces-bitcoin-production-and-mining-operation" target="_blank" rel="noopener nofollow">trails</a> Marathon Digital at 31.5 EH/s.
Hashrate refers to the total <a href="https://cointelegraph.com/explained/what-is-bitcoin-hash-rate-and-why-does-it-matter">combined computational power</a> that is being used to mine transactions on proof-of-work networks like Bitcoin.
Riot said it is on track to increase its total self-mining hash rate capacity to 31.5 EH/s before 2024’s end.
It is targeting 100 EH/s by 2027 or shortly after, which it anticipates could be reached should it fully exercise its option to purchase more MicroBT’s in the future.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/d233978c-b25b-4710-8ac8-ac62ec622853.png">
 <figcaption style="text-align: center;">
 Riot’s estimated hash rate projections. Source: Riot Platforms
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/bitcoin-miner-cleanspark-increases-btc-production-june">CleanSpark mined 445 Bitcoin in June, surpasses hashrate target</a>
Riot also cashed in $6.2 million in power credits in June. 
Riot’s (RIOT) share price fell 1.5% on Wednesday to $9.57, Google Finance data shows.
It is now down 37.9% so far in 2024 and 28.3% over the last 12 months.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/2167d34b-db23-4f38-9dd8-54d7c0dcf637.png">
 <figcaption style="text-align: center;">
 RIOT’s change in share price over the last 12 months. Source: Google Finance
 </figcaption>
</figure>
Magazine:<a href="https://cointelegraph.com/magazine/cuba-bitcoin-revolution-adoption-embargo/"> The truth behind Cuba’s Bitcoin revolution: An on-the-ground report</a>

Bitcoin miner Riot Platforms hash rate booms 50% in June

Cointelegraph

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