Riot Platforms Sees 19% Bitcoin Mining boosts in June

by

As an analyst with a background in the Bitcoin mining industry, I find Riot Platforms’ performance in June to be quite impressive. Their ability to mine 19% more Bitcoin than the previous month and exceed their power target is commendable. However, it is important to note that their production was still lower compared to the same period last year due to the bitcoin halving event. Nevertheless, Riot’s ambitious target of reaching a self-mining hash rate of 31 EH/s by year-end shows their commitment to growth and innovation in the industry.

In June, the Bitcoin mining sector witnessed diverse results from its major players. Riot Platforms registered notable expansion, while Marathon Digital experienced a minor setback.

As a proud crypto investor and miner with Riot Platforms, I’m thrilled to share that our mining operations saw significant growth in June. Compared to the 215 Bitcoins we mined last month, we successfully added an impressive 40 more Bitcoins to our haul, bringing the total to 255 Bitcoins. That’s a noteworthy increase of nearly 19%! I’m excited about this momentum and looking forward to even greater mining successes in the future.

Although there was an uptick, their output for this timeframe significantly underperformed the previous year’s equivalent, mainly attributable to the Bitcoin halving that occurred in April.

Riot exceeded its expected power capacity, reaching 22.0 exahash per second (EH/s) instead of the planned 21.4 EH/s. Moreover, Riot was granted $6.2 million in power subsidies from the Texas power grid and aims to boost its self-mining hash rate to an ambitious 31 EH/s by the end of the year.

In June 2024, Riot made history by boosting its deployed hash rate by 7.3 EH/s at our Corsicana facility in Buildings A1 and A2, reaching a total of 22.0 EH/s. This milestone surpassed our previously set Q2 2024 goal. As a result, Riot mined approximately 255 Bitcoin during this period.

— Riot Platforms, Inc. (@RiotPlatforms) July 3, 2024

Marathon Digital Faces Challenges

As a researcher studying Bitcoin mining operations, I’ve noticed that the output of marathons in Bitcoin mining decreased by approximately 4% in the recent month. Previously, we had mined around 616 Bitcoins during May. However, this figure dropped to 590 Bitcoins for the current month. Despite this decline, our team remains dedicated to enhancing our mining operations by incorporating the latest generation machines and advanced cooling systems.

Marathon is determined to reach a hash rate of 50 exahashes per second (EH/s) by the end of the year. Furthermore, Marathon’s innovative Slipstream technology was instrumental in handling a high-value transaction with substantial revenue implications.

Industry Dynamics

As a crypto investor, I’ve noticed that companies such as Bitfarms and CleanSpark have reported positive growth in Bitcoin production recently. This trend suggests an overall expansion of the industry, despite facing challenges. However, my investment in Bitdeer experienced a minor hiccup, with a 2.7% decrease in mining output last month. Bitdeer mined 179 BTC in June compared to 184 BTC in May. Although this decline is disappointing, the company remains committed to achieving its hash rate target of 11.8 EH/s by year-end. To make up for the loss, they plan on deploying additional processors at their facilities.

In the Bitcoin mining sector’s journey through 2024, the robustness and agile responses of leading companies in June serve as a testament. These outcomes reveal both the unique capabilities of individual firms and the larger trends shaping the complex and evolving digital currency mining ecosystem.

Also Read: Riot Seeks Three Bitfarms Board Members, Holds 14.9% Stake

Read More

2024-07-03 23:34