Riots BTC Production Up 220% Compared to last Year

The company announced in May that it has mined a total of 924 BTC so far this year.

Nasdaq-listed mining company Riot Blockchain yesterday released a recent report on production and operations figures for May 2021. Headquartered in Castle Rock, Colorado, and with a mining operation in New York State, the company produces monthly reports that keep shareholders updated on the expansion and improvement of its mining operations.

The update shows that Riot mined 227 BTC last month, an increase of 220% compared to the same time last year. This brings the company’s total output for this year to 924 BTC and led to a stock of 2,000 BTC at the end of May.

Last month, Riot also completed the acquisition of North America’s largest Bitcoin mining facility, Whinstone U.S. Whinstone is located in Rockdale, Texas, and has a developed capacity of 300 megawatts (MW), but Riot intends to expand the plant to reach the current capacity of 750 MW. Whinstone uses state – of-the-art technology and comprehensive analytics that enable it to achieve net energy costs of $0.025 per kilowatt-hour (kWh).

In May, it also shipped 1,000 S19 Per Antminer (110 TH) Bitcoin mining machines, which were acquired by Bitmain last December. This hardware with application-specific integrated circuits (ASIC) has a consumption of 3250 W and a hash rate capacity of 110 terahash per second (TH/s).

The 1,000 new Antminers will be installed at the Whinstone facility this quarter, along with a further shipment of 6,500 antminers already purchased. Thus, Riot has a total of 23,946 antminers in operation, which consume about 76 MW of energy, with an estimated hash rate of about 2.4 EH/s.

Riot expects to acquire a fleet of approximately 81,146 Bitmain antminers by the fourth quarter of 2022, the vast majority of which will be the latest S19 model. The majority will be deployed at the Whinstone facility and some will be deployed at the Coinmint LLC facility.

According to Riot, these machines will have a combined hash rate capacity of 7,7 EH / s and consume about 257,6 MW of energy, giving a combined processing power of 33 Joules per terahash (J/TH). This could position Riot as an industry leader, with one of the largest and most efficient fleets of Bitcoin mining machines.

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