Bitcoin miner Riot Platforms’ hashrate grew 50 percent in June.
Bitcoin mining company Riot Platforms increased its hashrate by 50% in June, helping it mine 255 bitcoins (BTC) — a nearly 20% increase from May.
Riot's hash rate increased from 14.7 EH/s to 22 EH/s after completing mining installations at the Corsicana facility and acquiring additional capacity at the Rockdale facility.
In a statement on July 3, Riot CEO Jason Les described June as a “historic month” as the firm surpassed its mid-year hashrate target of 21.4 EH/s. The labor of these miners took place mainly during the last few days of June.
Riot captured all the bitcoins it spent in June, bringing its total Bitcoin holdings to 9,334 — worth $561.6 million at current prices.
The 255 bitcoins — worth $15.3 million — are down 45% year-to-date, due to the April 20 event that cut the block grant by 50%, halving it.
Riot is now the second largest Bitcoin miner in terms of hash rate, surpassing CleanSpark and Core Scientific, reporting hash rates of over 20 EH/s.
Riot now trails Marathon Digital at just 31.5 EH/s.
Hash rate refers to the total integrated computing power used to generate transactions on proof-of-work networks such as Bitcoin.
Riot It said it is moving to increase its total self-mining capacity to 31.5 EH/s before it expires in 2024.
It is targeting 100 EH/s by 2027 or sooner, which it estimates could be achieved if it fully exercises its option to buy more microbits in the future.
RELATED: CleanSpark Exceeds Hashrate Target With 445 Bitcoin Mining in June
Riot received $6.2 million in Power Credit funding in June.
Riot's ( RIOT ) stock fell 1.5% to $9.57 on Wednesday, according to data from Google Finance.
It is now down 37.9% in 2024 and 28.3% over the past 12 months.
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