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Riot Mined The Most Bitcoin It Has Ever Done In A Month

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Feb 7, 2023

Bitcoin mining firm Riot reported that even though it had reduced the number of its mining machines as well as its hash rate capacity, it had managed to mine a total of 740 Bitcoins in the previous month.

This is a new all-time high for the company and is a 62% increase from the previous year. The Texas-based firm had mined a total of 458 BTC in January last year.

In December, Riot managed to mine a total of 659 BTC, which makes it an increase of 12%.

Mined bitcoin

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The company was able to mine a record number of bitcoins, which is valued at $16.8 million at current rates, even though North American miners had had to face operational disruptions.

This was in light of the extreme weather conditions that had occurred at the end of December. The extreme weather also affected the operations of Riot.

The company, which recently dropped the term ‘Blockchain’ from its name and changed it to Riot Platforms, had been forced to shut down its Texas-based Rockdale facility due to the weather.

Jason Les, the CEO of Riot, had issued a statement that because of the damage, they would not be able to achieve their total hash rate capacity target of 12.5 EH/s in the first three months of 2023.

The disruptions

According to the company, about 2.5 EH/s of its hash rate capacity had taken a hit because of the weather disruptions.

As of January 31st, the total number of miners it had deployed stood around 82,656 and they had managed to reach a hash rate of 9.3 EH/s.

Even though it had had to deal with headwinds recently, the company did say that it was hoping to give its hash rate capacity a boost in the near future.

Hash rate increase

In the previous month, the mining firm had deployed a total of 6,912 S-19 miners and had also received 5,130 new S-19 machines.

Therefore, the company ended the month of January with a total of 1,152 miners that were ready for deployment.

When these machines have been deployed, Riot expects its total fleet of mining machines to reach a total of 83,808 with around 9.4 EH/s of hash rate capacity.

However, there is a possibility that the number could go higher because there is a total of 17,040 additional mining machines that are in Rockdale’s Building G.

These machines are currently offline because the December blizzards damaged the facility. Les said that they were pleased with the progress of the team, even though weather conditions had been difficult.

He also added that they were going over their options to bring the machines online that are in Building G because it means that 1.9 EH/s of their hash rate capacity is affected.

The company also disclosed that as of January 31st, the total number of BTC it had was 6,978, which had been produced through its mining operations.

Riot also disclosed that it had sold a total of 700 BTC in the previous month for a value of $13.7 million.

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