Business
Riot Blockchain Announces June Production and Operations Updates
Riot produces 243 Bitcoins in June 2021 Castle Rock, CO, July 08, 2021 (GLOBE NEWSWIRE) -- Riot Blockchain, Inc. (NASDAQ: RIOT) ("Riot”, “Riot Blockchain” or
About this update from Riot Platforms, Inc.
[{"type":"text","content":"Riot produces 243 Bitcoins in June 2021\nCastle Rock, CO, July 08, 2021 (GLOBE NEWSWIRE) -- Riot Blockchain, Inc. (NASDAQ: RIOT) (\"Riot”, “Riot Blockchain” or the “Company\"), one of the leading Nasdaq-listed Bitcoin mining companies in the United States, announces its June production and operations updates, including its unaudited Bitcoin (“BTC“) production for June 2021 and its miner deployment status. Production and Operations Updates In June 2021, Riot produced 243 BTC, an increase of approximately 406% over its June 2020 production of 48 BTC.Year to date through June 2021, the Company 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 of June 30, 2021, Riot held approximately 2,243 BTC, all of which were produced by its mining operations.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. While it is broadly expected that many Chinese miners will eventually relocate, the Company 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 plans to continue providing monthly operational updates and unaudited production results through the end of 2021. These updates are intended to keep shareholders informed of Riot’s mining production as it continues to deploy its expanding miner fleet. Infrastructure Development Upon completion of the acquisition of Whinstone U.S. (“Whinstone”), Riot shared its plan to immediately commence expansion of the Whinstone facility to 750 megawatts (“MW”), 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. This expanded Bitcoin mining infrastructure is expected to comprise of four new buildings totaling approximately 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 expansion of Bitcoin mining infrastructu...