Riot Blockchain Announces Record High Hash Rate Capacity

Riot Blockchain has actually launched its unaudited production and operations updates for November 2022. According to the release, the business produced 521 BTC, a 12% boost on its November 2021 production of 466 BTC. It offered 450 BTC, creating net earnings of $8.1 million, and had actually a released fleet of 72,428 miners with a hash rate capability of 7.7 exahashes per 2nd (EH/s) on 30 November.

Jason Les, CEO of Riot mentioned, “Riot once again accomplished a brand-new record for overall hash rate capability throughout the month of November, leading to our greatest regular monthly bitcoin production figure to date.” He did caution this positivity, stating, “Regardless of this brand-new level of production, anticipated production was roughly 660 bitcoin offered our operating hash rate over the month, presuming stabilized efficiency of the mining swimming pool we take part in. Difference in a mining swimming pool can affect outcomes and while this variation ought to cancel gradually, can be unstable in the short-term. This variation caused lower bitcoin production than anticipated in the month of November, relative to our hash rate.”

Bitcoin’s hash rate has actually been on a tear in current months, attaining brand-new all-time highs and successfully making miners not utilizing innovative devices unprofitable. This in turn has an effect on the general public business exposed to this market.

To much better develop an outlook on their production, Les mentioned in the release, “In order to guarantee more foreseeable outcomes moving forward, Riot will be transitioning to another mining swimming pool which uses a more constant benefit system, so that Riot will completely gain from our quickly growing hash rate capability as we work towards our objective of reaching 12.5 EH/s in the very first quarter of 2023.”

The report did not define which mining swimming pool Riot will now point its miners towards.

Looking ahead, Riot looks for to attain an overall self-mining hash rate capability of 12.5 EH/s throughout Q1 2023, presuming complete release of roughly 115,450 Antminer ASICs.

Nevertheless, this does not consist of any possible incremental performance gains from the business’s usage of 200 MW of immersion-cooling facilities. Most of Riot’s self-mining fleet will include the most recent S19-series miners. In addition to its self-mining operations, the business hosts roughly 200 MW of institutional Bitcoin mining customers.