Publicly listed mining company Riot Blockchain, headquartered in the United States, has reported over threefold increase in year-to-date Bitcoin (BTC) output above the previous year’s forecast.
There has been a 246% rise in 2021 thus far, as per a Riot statement on Wednesday, over the same time last year, when the company mined 2,457 BTC (approximately $135 million).
Riot mining generated 406 Bitcoin in September compared to 91 BTC in September 2020, more than quadrupling production in September 2021 on y-o-y basis. At the end of the third quarter of 2021, Riot had a total of 3,534 Bitcoin worth 194.4 million dollars. The company claims to have mined all of its Bitcoins.
To put it another way, the company says it currently has a network of approximately 25,646 installed miners, which together have an cumulative hash rate capability of 2.6 exahashes per second. It’s expected that by the beginning of November, Riot will have installed a further 2,000 Bitmain Antminer S19Js, giving it an aggregate hashing capacity of 2.8 EH/s.
Bitmain’s Malaysian factory will supply an additional 4,000 Antminer S19Js before the end of October. The company did not liquidate any of its freshly generated Bitcoin in spite of a good September result. “Publicly traded #Bitcoin miners are not selling Bitcoin, they are collecting Bitcoin,” said MicroStrategy CEO Michael Saylor on Twitter in response to Riot’s stockpiling. “Things have shifted in the game’s favor.”
A 100-megawatt power transformer substation is scheduled to be completed at Riot’s newly purchased Whinstone Facility in Texas by December, according to Riot. The company says work is progressing “around the clock” there. It is expected that by the fourth quarter of 2022, Riot will have a hash rate of 7.7 EH/s and be running over 81,000 Antminers.
Other publicly listed mining firms like Riot Digital and Marathon Digital Holdings have also reported excellent September results. Marathon Digital Holdings said on Monday it had mined 340.6 BTC in September. For the third quarter of 2020, Marathon’s mining output increased by 91%, with the company mining 1,252.4 Bitcoin (worth approximately $69 million). There are 25272 miners in the Marathon fleet, with a hashrate of 2.7 EH/s.
As part of the deal, Silvergate Bank agreed to provide Marathon a $100 million credit line. During the same time, Marathon’s stock has risen 254% from $11 to around $39, while Riot’s stock has risen 61.5 percent from $16.48 to $26.61.
