Riot Blockchain Produces 243 Bitcoins (BTC) Currently Valued at Over $8 Million during June 2021

Riot Blockchain, Inc. (NASDAQ: RIOT), which is one of the leading Nasdaq-listed Bitcoin mining firms in the US, reveals its June production and operations updates, including its “unaudited” BTC production for the month of June 2021 and its “miner deployment status.”

Last month, Riot produced 243 BTC, an increase of around 406% over its June 2020 production of 48 BTC, the company confirmed in a release while noting that YTD through June 2021, the firm produced “a total of 1,167 BTC, an increase of approximately 130% over its pre-halving BTC production during the same 2020 period of 508 BTC.”

As stated in the update, as of June 30, 2021, Riot held around 2,243 BTC, “all of which were produced by its mining operations.”

The company further noted:

“The exodus of Bitcoin mining from China has resulted in a downward difficulty adjustment and lower global network hash rate. As such, Riot is currently mining more Bitcoin per day than at any time in the Company’s history.”

Although it’s “broadly” expected that many Chinese crypto miners will eventually be relocating their operations, Riot Blockchain “estimates that it could be quite some time before the global Bitcoin mining hash rate returns to its previous high of 180 exahash per second (“EH/s”), last observed earlier this year.”

Riot further notes that it intends to continue offering monthly operational updates and unaudited production results “through the end of 2021.” These updates are meant to keep shareholders informed of the company’s mining production as it “continues to deploy its expanding miner fleet.”

As noted in the release:

“Upon completion of the acquisition of Whinstone US, Riot shared its plan to immediately commence expansion of the Whinstone facility to 750 megawatts, from its existing, industry-leading 300 MW in developed capacity, by the end of 2022. To this end, the Company is pleased to announce it has successfully commenced development of 400 MW of additional capacity.”

Riot also mentioned that this expanded Bitcoin mining infrastructure is expected to include 4 new buildings totaling about 240,000 square feet, with the capacity “to support an estimated 130,000 S19j Antminers.” It is expected that the first portion of this expansion “will be completed by Q1 2022 and the balance by Q2 2022,” the announcement revealed.

The expansion of Bitcoin mining infrastructure at Whinstone aims to offer “critical” capacity for Riot to “deploy its future shipments of Bitcoin mining hardware, in addition to providing an opportunity to expand Whinstone’s hosting business for third-party Bitcoin miners.”

As noted by the firm:

“As previously disclosed, Riot plans to deploy future committed miner shipments to the Whinstone facility to capitalize on Whinstone’s industry-leading low production costs. Necessary infrastructure upgrades are currently underway to support this deployment. The Company recently received 7,500 S19 Pro Antminers (110 TH), which are being currently deployed, with full deployment expected to be completed by the end of this month.”

By month’s end, Riot Blockchain expects that it should have around 23,946 Antminers in operation, “utilizing approximately 76 MW of energy, with an estimated hash rate capacity of 2.4 EH/s.”

The announcement further revealed that by Q4 2022, Riot anticipates “a total hash rate capacity of 7.7 EH/s, assuming full deployment of its anticipated fleet of approximately 81,146 Antminers acquired from Bitmain, 95% of which will be the latest generation S19 series model of miners.”

Upon full deployment, Riot’s total fleet is expected “to consume approximately 257 MW of energy, with approximately 206 MW deployed at the Company’s Whinstone facility and approximately 51 MW deployed at Coinmint, LLC’s facility.” This would result in “an overall hash rate efficiency of 33 joules per terahash (J/TH), demonstrating Riot’s commitment to building one of the largest and most efficient Bitcoin mining fleets in the industry,” the update noted.

On July 13th and 14th, Riot is planning to conduct analyst and investor tours at its Whinstone facility (based in Rockdale, Texas). The firm says that it “encourages parties interested in future tours to contact Riot’s Investor Relations team at [email protected]

Riot is also pleased to confirm its participation in the Digital Asset Council of Financial Professionals Bitcoin Mining online event to be held on Thursday July 22nd, 2021. Riot’s CEO Jason Les will “present to a group of Registered Investment Advisors (RIA) on Riot’s strategy for Bitcoin mining and current topics in the Bitcoin mining space.” More details can be found here.

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